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.