Home improvement company Lowe’s Cos. reported third-quarter earnings on Tuesday that beat analyst expectations, driven by a boost from repairs made after natural disasters.
The company reported net earning of $872 million, or $1.05 per share, a 130 percent increase from 43 cents per share, or $379 million, reported in the third quarter a year ago. Earning beat analyst predictions of $1.03 per share.
Revenue also increased 6.5 percent to $16.7 billion from $15.7 billion year over year, exceeding analyst predictions of $16.5 billion. Sales related to hurricanes was $200 million.
“I am incredibly proud of our team’s unwavering commitment to serving customers and their communities every day,” said President and CEO Robert Niblock in a statement.
“This commitment was especially evident this quarter, as our employees mounted the largest natural disaster response in our history,” added Niblock. “Our merchant, vendor, logistics, and store teams worked together seamlessly to ensure customers had the right products to protect and repair their homes, and we remain committed to helping impacted communities rebuild in the months ahead.”
This quarter, Lowe’s repurchased $500 million in stock, returning dividends of $300 million to shareholders.
The company’s outlook for 2017 includes a 5 percent increase in sales and the addition of 25 home improvement and hardware stores.
The company’s stock was trading at $81.46 Friday morning, up 1.5 percent from Monday’s close of $80.22.