Lowe's Q1 2024 Earnings Beat Expectations Despite Cooling Housing Market

Lowe's reported first-quarter 2024 earnings that beat analysts' expectations for both earnings per share and revenue. The company said do-it-yourself customers purchased fewer expensive items, though gains with professional customers and online sales partially offset the trend. Like rival Home Depot, Lowe's is facing pressure from a cooling housing market and inflation, which is impacting discretionary spending. Despite the challenges, Lowe's stock is up nearly 3% year-to-date compared to an 11% gain for the S&P 500 index.