Lowe's 3Q net income rises on fewer charges

MOORESVILLE, N.C. — Lowe's third-quarter net income surged 76 percent, helped by fewer charges and higher revenue. The home improvement retailer also reaffirmed its full-year forecast.

   Lowe's Cos. reported Monday that it earned $396 million, or 35 cents per share, for the three months ended Nov. 2. That compares with $225 million, or 18 cents per share, a year ago.

   Analysts predicted 36 cents per share.

   Revenue rose 2 percent to $12.07 billion from $11.85 billion. Wall Street expected $11.93 billion.

   Revenue at stores open at least a year, a key gauge of a retailer's health, increased 1.8 percent.

   Last week rival Home Depot Inc. reported slightly higher third-quarter net income and the company raised its full-year forecast.

   Lowe's Cos., which is based in Mooresville, N.C., has 1,750 stores in the U.S., Canada and Mexico.

The Associated Press contributed to this report.

WSOC