Lowe’s Cos. announced its Q3 profits rose to $1.9 billion, or $2.73 per share, compared with $692 million a year earlier. That was better than the $2.36 per share forecast by analysts.
Revenues increased to $22.92 billion from $22.31 billion, beating expectations of $22.06 billion. Same-store sales defied predictions of a 1.5 percent decline, instead of climbing by 2.2 percent in the quarter. Like rival Home Depot, Lowe’s benefited from a strong housing market, even as house prices and building materials costs heat up.
