3Q 2022 earnings Archives

Lowe’s 3Q Sales Rise Slightly to $23.5B

The company reported that year-over-year 3Q sales increased, but earnings dipped slightly from 2022’s second quarter.

The distributor’s 33.8% year-over-year sales increase in 3Q follows a 28.7% annual increase reported in this year’s 2Q.

Third-quarter sales reached $904 million, a 7% sequential increase from the second quarter of 2022 and a 32% improvement over 3Q 2021.

In the first quarter and second quarter of 2022, year-over-year growth topped 36.1% and 24.2%, respectively.

For the nine-month period ending in September, total revenue was $7.4 billion, up sightly versus the same period last year.

Net income attributable to NOW Inc. was $40 million for 2022’s third quarter, the company said in an announcement.

MDM looks at another round of earnings reports from industrial distributors and manufacturers.

While sales increased over 3Q 2021, net income decreased to $2.9 billion, or $0.28 per diluted share, Amazon said.