Shares of Lowe’s Companies, Inc. (NYSE: LOW) stayed green on Monday. The stock has gained 8% over the past one month. The home improvement retailer is set to report its third quarter 2023 earnings results on Tuesday, November 21, before market open. Here’s a look at what to expect from the earnings report:

Revenue

Analysts are projecting revenue of $20.9 billion for Lowe’s in Q3 2023. This compares to revenue of $23.5 billion reported in the same quarter a year ago. In Q2 2023, net sales decreased 9% year-over-year to $25 billion.

Earnings

The consensus estimate for Q3 2023 EPS is $3.03, which compares to EPS of $3.27 reported in the prior-year quarter. In Q2 2023, EPS fell 2% to $4.56.

Points to note

It is likely that in Q3 Lowe’s might see a continuation of the trends seen last quarter with customers focusing on smaller projects than larger remodels. It could also experience pressure in big-ticket discretionary categories. Lumber deflation is likely to have an impact on the top line and comps.

The Pro segment is likely to outperform the DIY segment with Pro backlogs anticipated to remain healthy. Pro-heavy categories like building materials and rough plumbing are likely to remain resilient amid the general softness.

In the second quarter, Lowe’s comparable sales dropped 1.6%. On its conference call, the company said that for Q3, it will be cycling over the toughest comparison of the year as it delivered plus 3% comparable sales in the US last year.

Lowe’s investments in its Total Home strategy and its omnichannel capabilities alongside its perpetual productivity improvement (PPI) initiatives are expected to help drive growth for the company. Factors such as home price appreciation, aging housing stock, millennial household formation, aging in place and remote work are also expected to act as tailwinds for the home improvement retailer.

Lowe’s competitor Home Depot (NYSE: HD) reported its third quarter 2023 earnings results last week. HD beat expectations on both revenue and earnings but narrowed its guidance for the full year of 2023. It will be worth watching whether Lowe’s revises its guidance as well.

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