Lowe's Files Q3 2024 10-Q

TL;DR

**LOWE'S Q3 10-Q FILED: FINANCIALS OUT FOR NOV 1, 2024.**

AI Summary

Lowe's Companies Inc. filed its 10-Q for the period ending November 1, 2024. The filing details financial performance and operational updates for the third quarter of fiscal year 2024. Key financial data and disclosures relevant to investors are presented in this report.

Why It Matters

This filing provides crucial financial insights into Lowe's performance, impacting investor decisions and market perception of the home improvement retail sector.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures for a public company, but the home improvement sector can be sensitive to economic downturns.

Key Numbers

• 2024 Q3 — Reporting Period (Indicates the specific quarter and year the financial data pertains to.)
• 01-31 — Fiscal Year End (Defines the end of Lowe's fiscal year.)

Key Players & Entities

• LOWES COMPANIES INC (company) — Filer
• 0000060667 (company) — Central Index Key
• NC (location) — State of Incorporation
• 20241101 (date) — Conformed Period of Report
• 20241127 (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-20241101.htm (10-Q) — 1161KB
• exhibit101_11012024.htm (EX-10.1) — 115KB
• exhibit151_11012024.htm (EX-15.1) — 8KB
• exhibit311_11012024.htm (EX-31.1) — 9KB
• exhibit312_11012024.htm (EX-31.2) — 9KB
• exhibit321_11012024.htm (EX-32.1) — 4KB
• exhibit322_11012024.htm (EX-32.2) — 4KB
• low-20241101_g1.jpg (GRAPHIC) — 45KB
• low-20241101_g2.jpg (GRAPHIC) — 48KB
• 0000060667-24-000169.txt ( ) — 5815KB
• low-20241101.xsd (EX-101.SCH) — 33KB
• low-20241101_cal.xml (EX-101.CAL) — 66KB
• low-20241101_def.xml (EX-101.DEF) — 86KB
• low-20241101_lab.xml (EX-101.LAB) — 466KB
• low-20241101_pre.xml (EX-101.PRE) — 297KB
• low-20241101_htm.xml (XML) — 854KB

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 8 Note 4: Fair Value Measurements 8 Note 5: Accounts Payable 9 Note 6: Debt 10 Note 7: Derivative Instruments 10 Note 8: Shareholders' Deficit 10 Note 9: Earnings Per Share 11 Note 10: Income Taxes 12 Note 1 1 : 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 Nine Months Ended November 1, 2024 November 3, 2023 November 1, 2024 November 3, 2023 Current Earnings Amount % Sales Amount % Sales Amount % Sales Amount % Sales Net sales $ 20,170 100.00 % $ 20,471 100.00 % $ 65,120 100.00 % $ 67,775 100.00 % Cost of sales 13,374 66.31 13,580 66.34 43,340 66.55 44,958 66.33 Gross margin 6,796 33.69 6,891 33.66 21,780 33.45 22,817 33.67 Expenses: Selling, general and administrative 3,827 18.97 3,761 18.37 11,860 18.22 11,673 17.23 Depreciation and amortization 433 2.15 434 2.12 1,284 1.97 1,275 1.88 Operating income 2,536 12.57 2,696 13.17 8,636 13.26 9,869 14.56 Interest – net 317 1.57 345 1.68 985 1.51 1,033 1.52 Pre-tax earnings 2,219 11.00 2,351 11.49 7,651 11.75 8,836 13.04 Income tax provision 524 2.59 578 2.83 1,818 2.79 2,130 3.14 Net earnings $ 1,695 8.41 % $ 1,773 8.66 % $ 5,833 8.96 % $ 6,706 9.90 % Weighted average common shares outstanding – basic 565 576 568 585 Basic earnings per common share $ 2.99 $ 3.07 $ 10.24 $ 11.43 Weighted average common shares outstanding – diluted 566 577 569 587 Diluted earnings per common share $ 2.99 $ 3.06 $ 10.22 $ 11.40 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 Nine Months Ended November 1, 2024 November 3, 2023 November 1, 2024 November 3, 2023 Amount % Sales Amount % Sales Amount % Sales Amount % Sales Net earnings $ 1,695 8.41 % $ 1,773 8.66 % $ 5,833 8.96 % $ 6,706 9.90 % Cash flow hedges – net of tax ( 3 ) ( 0.02 ) ( 4 ) ( 0.01 ) ( 9 ) ( 0.02 ) ( 10 ) ( 0.02 ) Foreign currency translation adjustments – net of tax — — — — — — 5 0.01 Other — — — — 1 — — — Other comprehensive loss ( 3 ) ( 0.02 ) ( 4 ) ( 0.01

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 November 1, 2024, and November 3, 2023, and the statements of earnings, comprehensive income, and shareholders' deficit for the three and nine months ended November 1, 2024, and November 3, 2023, and cash flows for the nine months ended November 1, 2024, and November 3, 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 In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures . The ASU requires a public business entity to provide disaggregated disclosures of certain categories of expenses on an annual and interim basis including

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View this 10-Q filing on SEC EDGAR