Lowe's maintains fiscal 2012 forecasts
MOORESVILLE, N.C. (AP) — Home improvement company Lowe's is maintaining its fiscal 2012 earnings and revenue forecasts.
The company, which is holding its analyst and investor conference in Mooresville, N.C., on Wednesday, anticipates full-year earnings of about $1.64 per share and revenue to be approximately the same as 2011's $50.21 billion.
Analysts polled by FactSet predict earnings of $1.73 per share on revenue of $50.3 billion.
Lowe's Cos. also said that it expects to generate significant cash flow for years to come. Chairman, President and CEO Robert Niblock said in a statement that the retailer plans to use that cash flow to invest in its core business; invest in opportunities to serve developing home improvement markets and to return capital to shareholders.
In November Lowe's reported that its third-quarter net income surged 76 percent, helped by lower costs and higher revenue.
Lowe's shares finished at $35.62 on Tuesday. They have traded in a range of $24.04 to $36.47.