Originally published at www.seclive.com
Lowe's Companies, Inc. (NYSE:LOW) reported a strong second quarter for the fiscal year 2013, with net income rising 26% to $941M. Earnings per share increased from $0.64 last year to $0.88 earnings per share this quarter. Lowe's beat analyst sales predictions of $15.06B, earnings $15.71B, a 10.3% increase from last year. Home improvement giants Lowe's and Home Depot (NYSE:HD) have been reporting increased same-store sales, with Home Depot edging out Lowe's with 10.7% over the 9.6% increase by Lowe's. Lowe's has been striving to better compete with Home Depot by reducing its prices and offering geographic-tailored products. Lowe's also updated its annual guidance, increasing its projected earnings per share from $2.05 to $2.10 while also increasing its total sales projection by 1% from the 4% it originally expected.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.