Lowe's 3Q results rise, lifts fiscal 2013 outlooks

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Associated Press

Posted on November 20, 2013 at 5:00 AM

Updated Wednesday, Nov 20 at 6:02 AM

MOORESVILE, N.C. (AP) — Lowe's third-quarter net income increased 26 percent, as the home-improvement retailer was bolstered by the housing market's ongoing recovery.

Its earnings were a penny short of expectations, but revenue beat forecasts.

The Mooresville, N.C., company boosted its fiscal 2013 forecasts again on Wednesday.

Lowe's Cos. earned $499 million, or 47 cents per share, for the period ended Nov. 1. That's up from $396 million, or 35 cents per share, a year ago. Analysts polled by FactSet expected 48 cents per share.

Revenue rose 7 percent to $12.96 billion from $12.07 billion. Wall Street forecast $12.73 billion.

Sales at stores open at least a year rose 6.2 percent.

Lowe's financial report comes a day after larger rival Home Depot Inc.'s results topped analysts' estimates and it lifted its outlooks.

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