Lowe's 1Q results rise, but miss expectations

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Associated Press

Posted on May 21, 2014 at 6:00 AM

Updated Wednesday, May 21 at 7:01 AM

MOORESVILLE, N.C. (AP) — Lowe's fiscal first-quarter net income climbed 16 percent, bolstered in part by a lower tax rate.

But its adjusted profit and revenue missed analysts' estimates as bad weather kept customers from stores. Nonetheless, the retailer raised its full-year earnings forecast.

For the three months ended May 2, Lowe's Cos. earned $624 million, or 61 cents per share. A year ago the Mooresville, North Carolina, company earned $540 million, or 49 cents per share.

Excluding certain items, earnings were 58 cents per share.

Analysts forecast earnings of 60 cents per share.

Revenue rose 2 percent to $13.4 billion from $13.09 billion, missing Wall Street's prediction of $13.89 billion.

On Tuesday Home Depot Inc.'s first-quarter results missed expectations, hurt by unfavorable weather.

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