Investing.com - The world's second largest home improvement retailer Lowe’s reported better-than-expected fiscal third quarter revenue figures, it announced early Wednesday.
Earlier in the day, in its third quarter earnings report, Lowe’s said earnings per share came in at USD0.47, below expectations for earnings of USD0.48 per share.
The company’s third quarter revenue totaled USD12.96 billion, above forecasts for revenue of USD12.72 billion.
Comparable sales for the quarter increased 6.2%.
"I am pleased we delivered another solid quarter driven by balanced performance," commented Robert A. Niblock, Lowe's chairman, president and CEO.
"The home improvement industry is poised for persisting growth in the fourth quarter and further acceleration in 2014," Niblock added.
Based on its year-to-date performance and outlook for the balance of the year, the company raised its fiscal year 2013 guidance by 6% compared to a previous estimate of a 5% increase.
Following the release of the report, Lowe’s Companies shares fell 3.8% in pre-market trade.
Meanwhile, the outlook for U.S. equity markets was mildly lower. The Dow Jones Industrial Average futures pointed to a loss of 0.15% at the open, S&P 500 futures dipped 0.15%, while the Nasdaq 100 futures indicated a drop of 0.1% at the open.