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Lowe's 3Q Net Income Rises
MOORESVILLE, N.C. (AP) -- Lowe's Cos. says its third-quarter profit rose 19 percent as the home improvement retailer kept a rein on costs while consumers continued to be guarded in their spending.

Revenue was weaker than expected and Lowe's is trimming its guidance for the year.

The Mooresville, N.C., company, with a location in Galesburg, reported Monday its net income rose to $404 million, or 29 cents per share, for the three months ended Oct. 29. That's up from $344 million, or 23 cents per share, last year.

Excluding a charge, earnings totaled 31 cents per share. Analysts expected 30 cents per share.

Lowe's says revenue rose 2 percent to $11.59 billion. Analysts expected $11.75 billion.

Lowe's expects yearly earnings of $1.37 to $1.40 per share. Previously it forecast $1.38 to $1.45 per share. Analysts expect $1.41 per share.

(Copyright 2010 by The Associated Press. All Rights Reserved. WGIL News contributed to this report.)
11 15 10 by Newsroom
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