Lowe's Companies Inc. Q1 FY2024 results: revenue $21.4 billion, down 4.4% on the year

Lowe's Companies Inc. (LOW) reported revenue of $21.4 billion for Q1 FY2024, the quarter ended 3 May 2024, down 4.4% on the same quarter a year earlier. Net income was $1.8 billion, down 22.3% on the year, and diluted earnings per share $3.06. The figures are the company's own, from the 10-Q it filed with the SEC on 30 May 2024.

Revenue$21.4 billiondown 4.4%

Net income$1.8 billiondown 22.3%

Diluted EPS$3.06

QuarterQ1 FY2024ended 3 May 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	21,364	18,603	n/a	n/a
Cost of revenue	14,274	12,576	n/a	n/a
Gross profit	7,090	6,027	n/a	n/a
Gross margin	33.2%	32.4%	n/a
Selling, general and administrative	4,009	3,899	n/a	n/a
Operating income	2,653	1,687	n/a	n/a
Operating margin	12.4%	9.1%	n/a
Pre-tax income	2,301	1,340	n/a	n/a
Income tax	546	320	n/a	n/a
Effective tax rate	23.7%	23.9%	n/a
Net income	1,755	1,020	n/a	n/a
Net margin	8.2%	5.5%	n/a
Diluted EPS	$3.06	$1.81	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	4,262	1,108	n/a	n/a
Capital expenditure	382	620	n/a	n/a
Free cash flow	3,880	488	n/a	n/a
Free cash flow margin	18.2%	2.6%	n/a
Depreciation and amortisation	486	496	n/a	n/a
Share-based compensation	55.0	50.0	n/a	n/a
Buybacks	923	201	n/a	n/a
Dividends paid	633	632	n/a	n/a
Dividend per share	$1.10	n/a	n/a	n/a
Diluted shares, weighted	572m	584m	n/a	n/a
Shares outstanding at period end	572m	574m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	45,365	41,795	n/a	n/a
Cash and equivalents	3,237	921	n/a	n/a
Inventory	18,224	16,894	n/a	n/a
Goodwill	n/a	311	n/a	n/a
Long-term debt	n/a	35,770	n/a	n/a
Long-term debt including finance leases	34,622	35,384	n/a	n/a
Borrowings, as the company tags them	35,411	35,411	n/a	n/a
Operating lease liabilities	3,759	3,737	n/a	n/a
Finance lease liabilities	n/a	422	n/a	n/a
Shareholders' equity	-14,606	-15,050	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	20,471	18,603	21,364	23,586	20,170	18,554	20,930	23,959	20,813	20,584	23,078	25,956
Cost of revenue	13,580	12,576	14,274	15,691	13,374	12,458	13,944	15,858	13,697	13,902	15,535	17,379
Gross profit	6,891	6,027	7,090	7,895	6,796	6,096	6,986	8,101	7,116	6,682	7,543	8,577
Gross margin	34%	32%	33%	33%	34%	33%	33%	34%	34%	32%	33%	33%
SG&A	3,761	3,899	4,009	4,025	3,827	3,821	4,046	4,175	4,160	4,410	4,423	4,456
Operating income	2,696	1,687	2,653	3,447	2,536	1,830	2,494	3,469	2,481	1,709	2,554	3,549
Operating margin	13%	9%	12%	15%	13%	10%	12%	14%	12%	8%	11%	14%
Pre-tax income	2,351	1,340	2,301	3,130	2,219	1,503	2,157	3,156	2,129	1,305	2,155	3,175
Tax rate	25%	24%	24%	24%	24%	25%	24%	24%	24%	23%	24%	24%
Net income	1,773	1,020	1,755	2,383	1,695	1,124	1,641	2,398	1,616	999	1,628	2,399
Net margin	9%	5%	8%	10%	8%	6%	8%	10%	8%	5%	7%	9%
Diluted EPS	$3.06	$1.81	$3.06	$4.17	$2.99	$2.01	$2.92	$4.27	$2.88	$1.78	$2.90	$4.27
Operating cash flow	1,064	1,108	4,262	3,153	1,299	911	3,379	4,231	687	1,567	3,350	3,659
Capital expenditure	579	620	382	426	571	548	518	495	597	603	521	542
Free cash flow	485	488	3,880	2,727	728	363	2,861	3,736	90.0	964	2,829	3,117
Buybacks	1,581	201	923	1,007	751	1,372	112	1.0	98.0	0.0	363	3.0
Dividends paid	642	632	633	629	654	650	645	645	673	673	674	672
Shares outstanding	575m	574m	572m	568m	565m	560m	560m	561m	561m	561m	561m	561m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 3 May 2024, filed 30 May 2024, accession 0000060667-24-000085: the filing on EDGAR. All of Lowe's Companies Inc.'s filings: EDGAR company page.

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