Yes, this is Dave. As we anticipated, we incurred $290 million of COVID-related expenses. The company earned $22.31 billion during the quarter, compared to the consensus estimate of $21.08 billion. Regions that outperformed the total company comps were Atlanta, Houston, Los Angeles, and New York. The medical equipment company posted third-quarter revenue of $7.8 billion, up 1% year-over-year and in, The Home Depot, Inc. (NYSE: HD) reported fourth-quarter 2020 earnings results today. This was driven by transaction growth of 16.4%, and comparable sales average ticket growth of 13.7%. Date: 23 November 2020 Lowe's (LOW) Stock Price: $157.91. This year we faced operational challenges unlike anything I’ve encountered in my career. Thank you, Joe, and good morning, everyone. The home improvement retailer reported $1.98 EPS for the quarter, topping analysts' consensus estimates of $1.97 by $0.01. In fact, growth exceeded 15% across all merchandising departments, 20% across all geographic regions, and triple digits on Lowes.com. It’s probably a little early to talk specifically about ’21, but just in general, I think, what you’re seeing is we have a very focused effort around store productivity and managing both labor and cost within our stores. But that also allows us to continue to make investments in things like our fulfillment teams, the supervisors that we’ve added to the Pro area of the business and the incremental expense that we incurred there. Our associates have also remained steadfast in their commitment to providing safe shopping experience in our stores, so our customers feel comfortable returning for another shopping trip to Lowe’s. Q3 2020 Results 5 Fourth Quarter 2020 Revenue and Earnings Guidance • PayPal expects TPV growth on a percentage basis to be in the range of low to mid 30%. While we strive to produce the best transcripts, it may contain misspellings and other inaccuracies. Our Pro business remained strong in the third quarter with comps exceeding 20%. I just wondered if you could remind us how you’re thinking about your competitive positioning within the MRO segment, and does the change this week change anything when you think about supply chain investment for Lowe’s? And as we look to close out the year, we are building on our momentum around the holiday season that began with our first ever drive-through curbside trick-or-treating event at our stores, where we gave away candy and pumpkins to hundreds of thousands of families who are excited about the holidays, but may not have had the same door-to-door trick-or-treating available in their neighborhoods as in years past. • PayPal expects revenue to grow in the range of 20%–25% at current spot rates and 20%–25% on an FXN basis. PRESS RELEASE. Lowe's Companies has generated $5.72 earnings per … What Happened . And as part of the store reset, there’ll be two other noticeable changes. Or is your reaction that that things should only be stronger for Lowe’s than what you envisioned when you got the Lowe’s? We also understand that agility will be important as we hopefully pivot to a post-COVID retail environment later in 2021. We have made tremendous progress over the last two years with the right investments to improve our omni-channel retailing capabilities, enabling us to meet the ever-increasing expectations of customers to shop whatever way they choose. We take a look at the 3rd quarter 2020 earnings report of Lowe's a home improvement company serving more than 18 million customers a week. And I’d say, I can’t call out just one category where we’re seeing improvements, because we’re seeing improvements more or less up and down the P&L across all merchandising categories in most part. Marvin will discuss several growth opportunities that are expected to facilitate further market share gains. Shares of Lowe's Companies (NYSE:LOW) decreased 6.8% in pre-market trading after the company reported Q3 results.. Quarterly Results. Great. We expect that our top line growth will moderate from Q3 levels as outperformance in seasonal categories abates in the fourth quarter. I believe we’re cycling some of that today. But Lowe’s earnings […] And then my follow-up question is, the big change in the cadence of the P&L this quarter was the discussion around lower credit revenue and shrink. Any opinion expressed in the transcript does not necessarily reflect the views of AlphaStreet, Inc. © COPYRIGHT 2020, AlphaStreet, Inc. All rights reserved. In closing, I’m extremely pleased with our outstanding results for the first nine months of the year. I’d now like to spend just a few minutes discussing our outlook for the fourth quarter. Business Lowe’s (LOW) reports Q3 2020 earnings miss. So I won’t speak specifically to ’21, but yes, the things that we’re doing today will benefit us going forward. Our U.S. monthly comps were consistently strong throughout the quarter, with 28.9% in August, 31.8% in September, and 30% in October, despite a significant reduction in promotional activity versus LY. Another expense related question. And Seth, this is Marvin again. I’m also excited that we now have the capability to ship products that require special handling, items like lithium-ion batteries. Moreover, it spent $1,172 million toward capital expenditure in the first nine months of fiscal 2020. We’ll hit the 60% service, 40% task by the end of this year. We continue to strengthen our position as the number-one destination for outdoor power equipment, with the recent addition of EGO, which is the top-selling brand in battery-powered outdoor power equipment to our all-star lineup, which includes John Deere, Craftsman, Husqvarna, Honda, and the Ariens brands, and we continue to leverage our other powerhouse brands like Weber and Char-Broil, which continues to be the top two brands in outdoor drilling. This capability now enables us to handle online orders of EGO, cobalt, and skilled battery-powered products, along with other products powered by lithium batteries or items that may require care in shipping and handling. In recognition of the outstanding efforts of our team, we have provided financial support to our hourly associates, with two additional $100 million bonuses this quarter. We also announced a dividend of $0.60 per share, a 9% increase that will be paid in the fourth quarter of this year. And as Marvin covered in his opening remarks, we are resetting the footprint of the store, so that it’s more intuitive shopping experience for our customers, especially for the Pro. We are now planning for approximately $1.7 billion in capital expenditures for the year, with a continued focus on our omni-channel investments. So, we’ve seen the tender shift away from private label credit, a little bit into PIN debit. MOORESVILLE, N.C., Nov. 18, 2020 /PRNewswire/ -- Lowe's Companies, Inc. (NYSE: LOW) today reported net earnings of $692 million and diluted earnings per share (EPS) of $0.91 for the quarter ended October 30, 2020, which included a $1.1 billion pre-tax loss on extinguishment of debt in connection with the company's third quarter $3.0 billion cash tender offer, compared to net earnings of $1.0 billion and … Our seasonal & outdoor living team also delivered comps above the company average this quarter, driven by customers looking to extend their outdoor entertaining space, with fire pits and patio-heaters being the accelerated product category for this fall. We also incurred approximately $100 million in a large-scale strategic merchandising reset of our U.S. stores, which negatively impacted SG&A leverage by 45 basis points. But again, as we continue to invest in market level intelligence, in loss prevention and safety programs, we are confident in the payback. [ad_1] A shopper visits a Lowe’s hardware store in Philadelphia, Pennsylvania, November 4, 2020. First, our highest priority as a company will always be protecting the health and safety of our associates and customers through a safe store environment and shopping experience, and we believe that our strict in-store safety and social distancing protocols, implemented in a consistent uniform manner, has built trust with our customers. Gross margin was 32.7% of sales in the quarter, an increase of 28 basis points compared to the third quarter of ’19. And I think the investments we’re making in both in Q3 and Q4 and really as we cycle into next year is really bolstering our business model around the Pro. … On the credit revenue side of the house, yes, we’re having a little bit of pressure. We incurred capital expenditures of $462 million as we invest in the business to support our strategic initiatives, including our omni-channel capabilities. And consistent with our long-term strategy, we are investing in our supply chain as we expand our network to stand up market-level delivery model for big and bulky products. Now, turning to our results. Thanks, Marvin. We take a look at the 3rd quarter 2020 earnings report of Lowe's a home improvement company serving more than 18 million customers a week. While the operating environment remains uncertain and we still have limited visibility into the longer-term trends, I’d like to share my perspectives about how we are planning the business in Q4. During this call, we will be making comments that are forward-looking, including our expectations for fiscal 2020. Commodity inflation drove a benefit of approximately 340 basis points to comps in the quarter. ET. I made the comment earlier in my prepared comments that we’re committed to the core retail business. Twitter reported its Q3 FY 2020 earnings on October 29, 2020 with mixed results for the quarter. The company earned $22.31 billion during the quarter, compared to analyst estimates of $21.08 billion. This brings our total COVID-related financial assistance to our associates to over $800 million this year. But Lowe’s earnings […] Lowe's (LOW) reports Q3 2020 earnings miss - MixMaxMatch A shopper visits a Lowe's hardware store in Philadelphia, Pennsylvania, November 4, 2020. This was a very important quarter for us as we drove strong top line results while continuing to make significant investments across merchandising, Lowes.com, store operations and supply chain, that will enable us to capitalize on current trends and will position us as a company to drive sustainable growth. In the fourth quarter, it won’t be any different. The home improvement retailer reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates of $1.97 by $0.01. We’re well ahead of that schedule. The group reported an increase of 28.3% in net sales to $22.3 billion compared to the same quarter of the previous year and net income of $692 million for the quarter. Sure. These investments included $230 million in financial assistance for our front-line associates and approximately $55 million related to both cleaning and other safety-related programs, and approximately $5 million in charitable contributions. Scot, we’ve been very pleased with the progress we’re making on our 60:40 transition, as I mentioned in my prepared remarks. This is just another example of ways we are working to improve the productivity in this highly visible area of the store. Lowe’s generated cash flow from operations of $11,485 million as of Oct 30, 2020. Lowe… We call these junk base, thus opening up space for higher velocity, higher demand items in categories that will better reflect the local market. And so, it’s not going to be like a light switch that we’re going to just turn on that Pro is going to just elevate significantly, but this is each week and each month and each quarter kind of continue to push and grind ourselves out to grow that Pro business, and that’s the — that’s the objective we have here. … In August, we celebrated the grand opening of our first tool rental location in Charlotte, where we provide high-quality tools for both Pros, DIY’s and weekend warriors through a convenient online platform that allows customers to reserve their tools ahead of time. Net income was $2.9, Social media companies, in general, witnessed higher usage during the COVID-19 pandemic in 2020 as people staying at home spent more time on social media sites to keep in touch, © 2020 AlphaStreet Inc. All Rights Reserved, Medtronic’s revenues inch up in Q3: Infographic, Home Depot (HD) Earnings: 4Q20 Key Numbers. Mark Makela | Reuters. Now, we’re going to continue to target the MRO segment in our current Pro strategy with our outside sales reps, but those reps are connected to the store and connected to our MSH model, and we feel like that that model has the ability to scale. A shopper visits a Lowe’s hardware store in Philadelphia, Pennsylvania, November 4, 2020. And I’ll now turn the call over to Joe. In lawn & garden, there was broad-based strength across the business, though most notably within live goods and landscape products, as customers actively engaged in outdoor landscaping and other fall exterior projects. In regards to shrink, we have been experiencing shrink pressures over the last several quarters. Good morning, everybody. Mark Makela | Reuters Lowe’s on Wednesday reported quarterly same-store sales growth of more than 30%, including a doubling of online sales, as the coronavirus pandemic pushed more people to its stores and website to invest in their homes. The next question comes from the line of Kate McShane with Goldman Sachs. Turning to Canada. Lowe's Companies last posted its quarterly earnings data on November 17th, 2020. Joseph M. McFarland III — Executive Vice President, Stores. And we’ll be able to provide more context at our Investor Update in December. We have a strong balance sheet, and we are committed to a disciplined capital allocation program, which will lead to a longer-term shareholder value creation. Mark Makela | Reuters Lowe’s shares fell Wednesday after the home improvement retailer reported third-quarter earnings and a profit outlook slightly short of estimates, weighed down by higher labor costs and investments in its e-commerce business. Lowe's Q2 2020 Earnings Call Aug 19, 2020, 9:00 a.m. I will say there is some — I’ll say geographies on the P&L. Kate, it does not. These significant investments, coupled with our fourth quarter typically being our smallest revenue quarter, should result in adjusted operating margin performance essentially flat to prior year levels. Please proceed with your questions. I’ll begin this morning outlining the company’s strong capital allocation program. With the re-platforming of Lowes.com to the cloud, we have been rapidly deploying enhancements to deliver a better customer experience, including enhanced online delivery scheduling, so that customers can more efficiently self-serve and select the delivery time that is most convenient for them or easily reschedule as the need arises. After our prepared remarks, we will host a Q&A session. We now have $8.2 billion of cash and cash equivalents on the balance sheet. Lowe's and the Gable Mansard Design are registered trademarks of LF, LLC. We’re pleased that customers continue to choose Lowe’s as a retail of choice for these very important projects. Lowe’s Companies last released its earnings data on November 17th, 2020. And to put it in perspective, your comments, we’ve made the decision to accelerate this U.S. stores reset initiative, because early test gave us confidence that this would tremendously benefit our Pro customers and it would create a much more intuitive shopping experience for our DIY customers. How should we think about SG&A growth on what’s called a per store basis or how are you going to frame it for ’21 just in terms of the way we should think about those overall levels? Actually, lumber did put some pressure on gross margin in the quarter as it typically does in an inflationary environment. So as far as the investments, I’ll give you a quick example, discuss that rolling out of the buy online, pickup in store, dedicated lockers. And so, this was originally on the roadmap. Our investments to improve our product and service offerings and overall customer experience is resonating with the Pro customers. This is consistent with our store simplification approach which leverages new technology to make our associates more productive, while also improving customer service at the same time. And if I could just ask a quick unrelated follow-up, just with the news in the MRO space this week. The only thing I would add to that is that obviously in November, the associates will receive incremental compensation. A shopper visits a Lowe’s hardware store in Philadelphia, Pennsylvania, November 4, 2020. And then a question on, I guess, the medium- to- long-term gross margin outlook. Thank you very much and have a nice holiday. The consensus EPS Estimate is $1.35 … I’m really pleased with the comps exceeding 20% that the Pro team delivered. But when I think about how far we progressed in two years, when you look at the digital platform and our online business, the last two quarters growing 135% last quarter, 106% in the third quarter, were at levels that we could not have even imagined just 12 to 16 months ago. That surge was powered by strong sales growth and improving profitability through late September. Lowe's Expands Supply Chain Network, Announces Opening of Second … I’ll let him talk about that for a second. The … A shopper visits a Lowe’s hardware store in Philadelphia, Pennsylvania, November 4, 2020. Does ’21 revert back down to this prior target? Lowe’s shares fell Wednesday after the home improvement retailer reported third-quarter earnings and a profit outlook slightly short of … First, we are adding a Pro flex area, similar to what we did earlier this year in our seasonal areas, making it easier for the Pro to grab and go. Lowe's Q3 2020 Earnings Preview Nov. 17, 2020 12:27 PM ET Lowe's Companies, Inc. (LOW) By: Akanksha Bakshi , SA News Editor Lowe's (NYSE: LOW ) is scheduled to announce Q3 earnings … And I will now turn the call over to Dave. We are on-track to have the reset complete for over 90% of our stores by fiscal year-end. Let’s not get hung up on where we end ’20, where we end ’21. As we’ve mentioned on a couple of different occasions, we’re going to be updating you all on December 9, and we’re going to have a little bit of perspective. ET. And we’ve kicked off a multi-year national roll out of our tool rental program to increase our relevance with the Pro, as over 70% of Pros rent tools at least once a year. Income of $ 21.08 billion outpace bigger home-improvement giants like home Depot up suddenly earnings release Supplement both and... The effect of COVID the opening of a new direct fulfillment center lowe's q3 earnings 2020 the and. Scot Ciccarelli with RBC capital markets Kate, it won ’ t be more pleased with prior. 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