MOORESVILE, N.C. (AP) — Lowe’s third-quarter net incomeincreased 26 percent, as the
home-improvement retailer was bolstered bythe housing market’s ongoing recovery.Its earnings were a
penny per share short of Wall Street expectations, but revenue beat forecasts.TheMooresville, N.C.,
company boosted its fiscal 2013 outlook again onWednesday, but the earnings forecast was still below
expectations.Lowe’s shares dropped almost 4 percent in premarket trading.Homeimprovement companies have
been benefiting from record-low interestrates and rising home prices, spurring customers to spend more
torenovate their homes.Lowe’s financial report comes a day afterlarger rival Home Depot Inc.’s
third-quarter results topped analysts’estimates and it lifted its outlook.Lowe’s Cos. earned
$499million, or 47 cents per share, for the period ended Nov. 1. That’s upfrom $396 million, or 35 cents
per share, a year ago. Analysts polled byFactSet expected earnings of 48 cents per share.Revenue rose 7
percent to $12.96 billion from $12.07 billion. Wall Street forecast $12.73 billion in revenue.Salesat
stores open at least a year rose 6.2 percent. This metric is a keyindicator of a retailer’s health
because it excludes results from storesrecently opened or closed.Lowe’s now expects full-year earningsof
about $2.15 per share. Revenue is predicted to climb approximately 6percent. Based on 2012’s revenue of
$50.52 billion, the new forecastimplies approximately $53.53 billion.The company’s prior outlookwas for
earnings of $2.10 per share, with revenue up approximately 5percent. It had increased that forecast in
August from a previousguidance for earnings of about $2.05 per share and revenue up about
4percent.Analysts predict fiscal 2013 earnings of $2.20 per share on revenue of $53.09 billion.Its
shares fell $1.94, or 3.9 percent, to $48.50 in premarket trading about three hours ahead of the market
opening.Lowe’s had 1,831 stores in the U.S., Canada and Mexico at quarter’s end.Copyright 2013 The
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