Lowe's Companies, Inc.(NYSE:LOW)’s on Monday reported a 76 percent rise in its third quarter income on lower costs and higher revenues.
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Lowe's earned $396 million, or 35 cents per share, for the three months ended Nov. 2. That compares with $225 million, or 18 cents per share, a year ago.
The current quarter includes charges that lowered earnings by 5 cents per share. In the prior-year period, charges reduced earnings by 18 cents per share.
The adjusted earnings of 40 cents per share beat the 36 cents per share that analysts had polled.
Revenue rose 2 percent to $12.07 billion from $11.85 billion. That also beat Wall Street's estimate of $11.93 billion.
"We are keenly focused on improving our core business," said CEO Robert A. Niblock. "Our level of execution is improving and we delivered solid results in the third quarter."
The company is revamping its merchandise and pricing in order to attract customers.
Shares of LOW soared 6.57% to $34.08.
Shares in Nokia Corporation (ADR)(NYSE:NOK) reported the highest rise in a month after the company said that its Nokia Lumia 920 smartphone had sold out in Germany.
The Finnish handset maker's shares rose as much as 5.60% to $2.92 on high volume.
The company started selling its new range of Lumia smartphones this month and has surprised everyone with the response that it has evoked.
There were reports that shops in Germany had run out of the device. The success of the new Lumias is critical for Nokia, which is making a bid to challenge the dominance of Apple and Samsung in the smartphone segment.