Lowe's COO to Retire, Earnings Beat Estimates
November 21 2017 - 7:16AM
Dow Jones News
By Allison Prang
Lowe's Companies, Inc. (LOW) said Tuesday that Chief Operating
Officer Rick Damron, a 36-year veteran of the company, will retire
in February of next year.
The home improvement retailer said Richard Maltsbarger, the
company's chief development officer and president of its
international business, will take his place. Mr. Damron has been
COO since 2012. Mr. Maltsbarger, 42, has been with Lowe's since
2004 when he joined the company as customer analytics director.
The company also announced a third-quarter profit of $872
million, or $1.05 a share, more than double the $379 million, or 43
cents a share, the company made a year ago. Adjusted earnings were
$1.05 a share, up from 88 cents a year ago.
Analysts polled by Thomson Reuters expected adjusted earnings
per share of $1.02.
Net sales at the company rose 6.6% to $16.77 billion, beating
analysts' expectations of $16.59 billion. The company said $200
million in sales came in from the hurricanes. Comparable sales rose
5.7%.
Lowe's said it bought back $500 million in stock in the
quarter.
For the fiscal year, Lowe's said it expects sales up by about 5%
and comparable sales to rise by about 3.5%.
Lowe's shares were up 1.9% in premarket trading.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
November 21, 2017 07:01 ET (12:01 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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