BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Lowe’s Reports Q1 2024 Sales and Earnings Results
Mooresville, N.C., May 21, 2024 – Lowe’s Companies, Inc. (NYSE: LOW) announced its financial results for the first quarter of 2024, revealing significant data points and affirming its outlook for the full year. Here’s a comprehensive look at the key highlights and future projections.
Financial Performance
- Net Earnings: Lowe’s reported net earnings of $1.8 billion for the quarter ended May 3, 2024.
- Diluted Earnings Per Share (EPS): The diluted EPS for Q1 2024 was $3.06, compared to $3.77 in the first quarter of 2023. Notably, the Q1 2023 EPS included a gain from the 2022 sale of the Canadian retail business. Adjusted diluted EPS for Q1 2023, excluding this gain, was $3.67.
- Total Sales: The total sales for the first quarter were $21.4 billion, compared to $22.3 billion in the prior-year quarter.
- Comparable Sales: There was a 4.1% decrease in comparable sales, primarily due to a decline in DIY big ticket discretionary spending. However, this was partially offset by positive comparable sales in Pro and online segments.
Operational Achievements
Lowe’s highlighted several operational milestones achieved during the quarter:
- DIY Loyalty Program: The national rollout of Lowe’s new DIY loyalty program.
- Expanded Delivery Options: Enhanced same-day delivery options.
- Market Share Gains: Significant market share gains in key categories, driven by the Total Home strategy.
- Store Operations: As of May 3, 2024, Lowe’s operated 1,746 stores, representing 194.9 million square feet of retail selling space.
Capital Allocation
Lowe’s continues to execute a disciplined capital allocation program aimed at generating long-term, sustainable shareholder value:
- Share Repurchase: Approximately 3.0 million shares were repurchased for $743 million during the quarter.
- Dividends: The company paid $633 million in dividends.
Affirmed 2024 Outlook
Lowe’s affirmed its full-year 2024 outlook, providing clear guidance on expected financial performance:
- Total Sales: Projected to be between $84 and $85 billion.
- Comparable Sales: Expected to decline by 2% to 3% compared to the prior year.
- Operating Margin: Operating income as a percentage of sales is anticipated to be between 12.6% and 12.7%.
- Interest Expense: Estimated at approximately $1.4 billion.
- Effective Income Tax Rate: Expected to be around 25%.
- Diluted EPS: Projected to be approximately $12.00 to $12.30.
- Capital Expenditures: Forecasted to be around $2 billion.
Market Reaction
Following the announcement of these results, Lowe’s stock saw a premarket increase of 2.4%, reflecting investor confidence in the company's performance and future outlook.
CEO Commentary
Marvin R. Ellison, Lowe’s chairman, president, and CEO, expressed satisfaction with the company's start to spring, citing strong execution and enhanced customer service. Ellison credited the growth in Pro and online sales to Lowe’s Total Home strategy and commended the frontline associates for their dedication and productivity.
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