Chain’s profit soars

Monday, Feb. 24, 2003 | 9:51 a.m.

CHARLOTTE, N.C. -- Lowe's Cos., capitalizing on a surprisingly strong housing market, reported a 46 percent increase in its fourth-quarter earnings, easily surpassing Wall Street's expectations.

The nation's second-largest home improvement chain behind The Home Depot Inc. also offered an upbeat profit outlook today, projecting that earnings for the year will beat analysts' current forecasts.

Lowe's earned $319.4 million, or 40 cents a share, for the three months ended Jan. 31, up from $218.4 million, or 28 cents a share, in the year-ago period.

Analysts surveyed by Thomson First Call anticipated earnings of 33 cents per share.

Revenue increased 16.5 percent to $6.12 billion from $5.25 billion in the year-ago period.

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