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Investing.com - The world's second largest home improvement retailer Lowe's Companies (NYSE:LOW) reported better-than-expected fiscal fourth quarter earnings and revenue figures ahead of Wednesday's opening bell, sending its shares higher in pre-market trade.
Lowe’s said earnings per share came in at $0.46 cents in the fourth quarter, above expectations for earnings of $0.44 per share.
The company’s fourth quarter revenue totaled $12.5 billion, beating forecasts for sales of $12.31 billion.
Comparable sales for the quarter increased 7.0%, surpassing expectations for a gain of 5.1%.
"I would like to thank our employees for their hard work and dedication," commented Robert A. Niblock, Lowe's chairman, president and CEO.
Delivering on its commitment to return excess cash to shareholders, the company repurchased $1.0 billion of stock under its share repurchase program and paid $225 million in dividends in the fourth quarter.
Following the release of the report, Lowe’s Companies shares rose 1.07% in pre-market trade to $75.45 from a closing price of $74.65 on Tuesday.
Meanwhile, the outlook for U.S. equity markets was mildly lower. The Dow futures pointed to a loss of 0.1% at the open, the S&P 500 futures indicated a decline of 0.1%, while the Nasdaq 100 futures dipped 0.1%.