Lowe's Q1 Earnings: Profit Beat, Revenue Drop – What's Behind The Numbers?

Lowe's Companies shares rose after reporting better-than-expected Q1 FY24 earnings. Sales declined 4.4% year-on-year to $21.364 billion, surpassing estimates. EPS of $3.06 beat the expected $2.94. Despite a drop in DIY discretionary spending, positive sales in Pro and online sectors helped. Lowe's still projects FY24 revenue of $84-$85 billion and EPS of $12.00-$12.30.