Lowe’s Beats Q2 Earnings, Lifts Sales Outlook With $8.8B Foundation Building Materials Deal

Lowe’s beat Wall Street’s second-quarter earnings estimates as demand for home projects improved, according to CNBC. The retailer reported earnings of $4.33 per share, topping expectations of $4.24, on revenue of $23.96 billion, in line with forecasts. Comparable sales rose 1.1% year over year, while net income grew to $2.4 billion. Lowe’s announced the $8.8 billion acquisition of Foundation Building Materials, expanding its push into the professional market. The deal follows its earlier purchase of Artisan Design Group. The company raised its full-year sales outlook to $84.5 billion to $85.5 billion but narrowed its earnings guidance to $12.10 to $12.35 per share. CEO Marvin Ellison said the acquisitions strengthen Lowe’s solutions for professional customers.