Lowe's 10-Q Filed: Q2 2024 Financials Revealed

TL;DR

Lowe's Q2 2024 10-Q is in, check the financials.

AI Summary

Lowe's Companies Inc. filed its 10-Q for the period ending August 2, 2024. The filing details the company's financial performance and position, including its balance sheet, income statement, and cash flow statement for the second quarter of fiscal year 2024. Specific financial figures and operational details are provided within the report.

Why It Matters

This filing provides investors and analysts with the latest official financial data for Lowe's, crucial for understanding the company's performance in the current retail environment and making informed investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing (10-Q) and does not inherently present new risks.

Key Players & Entities

• LOWES COMPANIES INC (company) — Filer of the 10-Q
• 0000060667 (company) — Central Index Key for Lowe's Companies Inc.
• 20240802 (date) — Conformed Period of Report
• 20240829 (date) — Filed as of Date

FAQ

Key Financial Figures

• $0.50 — ich registered Common Stock, par value $0.50 per share LOW New York Stock Exchange

Filing Documents

• low-20240802.htm (10-Q) — 1149KB
• exhibit151_08022024.htm (EX-15.1) — 8KB
• exhibit311_08022024.htm (EX-31.1) — 9KB
• exhibit312_08022024.htm (EX-31.2) — 9KB
• exhibit321_08022024.htm (EX-32.1) — 4KB
• exhibit322_08022024.htm (EX-32.2) — 4KB
• exhibit991_08022024.htm (EX-99.1) — 345KB
• low-20240802_g1.jpg (GRAPHIC) — 45KB
• low-20240802_g2.jpg (GRAPHIC) — 48KB
• 0000060667-24-000140.txt ( ) — 6005KB
• low-20240802.xsd (EX-101.SCH) — 32KB
• low-20240802_cal.xml (EX-101.CAL) — 66KB
• low-20240802_def.xml (EX-101.DEF) — 86KB
• low-20240802_lab.xml (EX-101.LAB) — 463KB
• low-20240802_pre.xml (EX-101.PRE) — 295KB
• low-20240802_htm.xml (XML) — 841KB

Forward-Looking Statements

Forward-Looking Statements ii

- Financial Information

PART I - Financial Information 1

Financial Statements

Item 1. Financial Statements 1 Consolidated Statements of Earnings 1 Consolidated Statements of Comprehensive Income 1 Consolidated Balance Sheets 2 Consolidated Statements of Shareholders' Deficit 3 Consolidated Statements of Cash Flows 5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 6 Note 1: Summary of Significant Accounting Policies 6 Note 2: Revenue 6 Note 3: Restricted Investments 7 Note 4: Fair Value Measurements 8 Note 5: Accounts Payable 9 Note 6: Debt 9 Note 7: Derivative Instruments 10 Note 8: Shareholders' Deficit 10 Note 9: Earnings Per Share 11 Note 10: Supplemental Disclosure 12 Report of Independent Registered Public Accounting Firm 13

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 14

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 20

Controls and Procedures

Item 4. Controls and Procedures 20

- Other Information

PART II - Other Information 21

Legal Proceedings

Item 1. Legal Proceedings 21

Risk Factors

Item 1A. Risk Factors 21

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21

Other Information

Item 5. Other Information 21

Exhibits

Item 6. Exhibits 22 Signature 23 i Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Form 10-Q includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements including words such as "believe", "expect", "anticipate", "plan", "desire", "project", "estimate", "intend", "will", "should", "could", "would", "may", "strategy", "potential", "opportunity", "outlook", "scenario", "guidance", and similar expressions are forward-looking statements. Forward-looking statements involve, among other things, expectations, projections, and assumptions about future financial and operating results, objectives (including objectives related to environmental and social matters), business outlook, priorities, sales growth, shareholder value, capital expenditures, cash flows, the housing market, the home improvement industry, demand for products and services including customer acceptance of new offerings and initiatives, macroeconomic conditions and consumer spending, share repurchases, and Lowe's strategic initiatives, including those relating to acquisitions and dispositions and the impact of such transactions on our strategic and operational plans and financial results. Such statements involve risks and uncertainties and we can give no assurance that they will prove to be correct. Actual results may differ materially from those expressed or implied in such statements. A wide variety of potential risks, uncertainties, and other factors could materially affect our ability to achieve the results either expressed or implied by these forward-looking statements including, but not limited to, changes in general economic conditions, such as volatility and/or lack of liquidity from time to time in U.S. and world financial markets and the consequent reduced availability and/or higher cost of borrowing to Lowe's and its customers, slower rates of growth in real disposable personal income that could affect the rate of growth in consumer spending, inflation and its impacts on discretion

- FINANCIAL INFORMATION

Part I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Lowe's Companies, Inc. Consolidated Statements of Earnings (Unaudited) In Millions, Except Per Share and Percentage Data Three Months Ended Six Months Ended August 2, 2024 August 4, 2023 August 2, 2024 August 4, 2023 Current Earnings Amount % Sales Amount % Sales Amount % Sales Amount % Sales Net sales $ 23,586 100.00 % $ 24,956 100.00 % $ 44,950 100.00 % $ 47,304 100.00 % Cost of sales 15,691 66.53 16,557 66.34 29,965 66.66 31,378 66.33 Gross margin 7,895 33.47 8,399 33.66 14,985 33.34 15,926 33.67 Expenses: Selling, general and administrative 4,025 17.07 4,086 16.38 8,034 17.88 7,912 16.73 Depreciation and amortization 423 1.79 427 1.71 851 1.89 841 1.78 Operating income 3,447 14.61 3,886 15.57 6,100 13.57 7,173 15.16 Interest – net 317 1.34 341 1.36 669 1.49 689 1.45 Pre-tax earnings 3,130 13.27 3,545 14.21 5,431 12.08 6,484 13.71 Income tax provision 747 3.17 872 3.50 1,294 2.88 1,551 3.28 Net earnings $ 2,383 10.10 % $ 2,673 10.71 % $ 4,137 9.20 % $ 4,933 10.43 % Weighted average common shares outstanding – basic 568 584 570 590 Basic earnings per common share $ 4.18 $ 4.56 $ 7.24 $ 8.34 Weighted average common shares outstanding – diluted 570 585 571 591 Diluted earnings per common share $ 4.17 $ 4.56 $ 7.23 $ 8.32 See accompanying notes to the consolidated financial statements (unaudited). Lowe's Companies, Inc. Consolidated Statements of Comprehensive Income (Unaudited) In Millions, Except Percentage Data Three Months Ended Six Months Ended August 2, 2024 August 4, 2023 August 2, 2024 August 4, 2023 Amount % Sales Amount % Sales Amount % Sales Amount % Sales Net earnings $ 2,383 10.10 % $ 2,673 10.71 % $ 4,137 9.20 % $ 4,933 10.43 % Foreign currency translation adjustments – net of tax — — 5 0.01 — — 5 0.01 Cash flow hedges – net of tax ( 3 ) ( 0.01 ) ( 3 ) ( 0.01 ) ( 6 ) ( 0.01 ) ( 6 ) ( 0.02 ) Other 2 0.01 — — 1 — — — Other comprehensive (loss)/income ( 1 ) — 2 — ( 5 ) ( 0.01 ) ( 1 ) ( 0.

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) Note 1: Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements (unaudited) and notes to the condensed consolidated financial statements (unaudited) are presented in accordance with the rules and regulations of the Securities and Exchange Commission and do not include all the disclosures normally required in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The condensed consolidated financial statements (unaudited), in the opinion of management, contain all normal recurring adjustments necessary to present fairly the consolidated balance sheets as of August 2, 2024, and August 4, 2023, and the statements of earnings, comprehensive income, and shareholders' deficit for the three and six months ended August 2, 2024, and August 4, 2023, and cash flows for the six months ended August 2, 2024, and August 4, 2023. The February 2, 2024, consolidated balance sheet was derived from the audited financial statements. These interim condensed consolidated financial statements (unaudited) should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Lowe's Companies, Inc. (the Company) Annual Report on Form 10-K for the fiscal year ended February 2, 2024 (the Annual Report). The financial results for the interim periods may not be indicative of the financial results for the entire fiscal year. Accounting Pronouncements Not Yet Adopted There have been no significant changes in the accounting pronouncements not yet adopted from those disclosed in the Annual Report. Accounting pronouncements not disclosed in this Form 10-Q or in the Annual Report are either not applicable to the Company or are not expected to have a material impact to the Company. Note 2: Revenue Net sales consists primarily o

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View this 10-Q filing on SEC EDGAR