Thu, Aug 29, 8:34 PM (138 days ago)
Lowe's Companies, Inc. reported a decline in net sales of 5.5% to $23.6 billion for Q2 2024, compared to $24.96 billion in Q2 2023, with comparable sales down 5.1%. Net earnings fell to $2.4 billion from $2.7 billion, leading to diluted earnings per share of $4.17, down from $4.56. The decrease was attributed to weaker DIY demand and adverse weather impacting seasonal sales, although Pro customer segments showed resilience. Operating income margin decreased to 14.61% from 15.57% due to higher costs and lower sales. Cash provided by operations increased to $7.4 billion, with capital expenditures of $808 million. Share repurchases totaled $1.0 billion, reflecting a commitment to returning capital to shareholders. The company maintains a robust liquidity position with $4.4 billion in cash and $4.0 billion in undrawn credit. Despite current challenges, Lowe's anticipates long-term growth driven by favorable housing market trends and plans to invest in technology and innovation. The outlook remains cautious due to macroeconomic uncertainties.