Lowe’s Profit Surges, But Optimism is Tempered
Lowe's Inc. CEO Robert Niblock said the company's 76 percent rise in third-quarter profits shows the company's improvement plan is on track. But he was cautious in the face of challenges such as the fiscal cliff, the unknown impact of health care reform, and a sluggish housing market.
The nation's second-largest home improvement retailer's financial performance improved in large part because Lowe's avoided large one-time charges that dragged down its results last year.
Analysts greeted Lowe's results favorably Monday, and investors responded enthusiastically.