Lowe’s Cos. expands stock buyback

MOORESVILLE, N.C. — Lowe’s Cos. told investors this week it will add $10 billion to the $4.5 billion currently earmarked for stock buybacks. The increase, following a strategic assessment within the company, is designed to project stability and growth to investors. It has no expiration date. “We anticipate that targeted initiatives designed to drive profitable sales, combined with an expense reduction culture, will allow us to generate significant cash flow from operations over the next three years,” said CFO David Denton. At the same time, the company issued an earnings forecast of between $6 and $6.10 per share, compared to the consensus estimate of $5.93.