MOORESVILLE, N.C. - Could the honeymoon for Marvin Ellison be over, less than a year after his arrival at Lowe’s Cos. Inc.?
The Mooresville-based home-improvement retailer’s first-quarter earnings missed the consensus analyst estimates this morning, and share price for the company’s stock was down more than 10% in midday trading.
Ellison, who arrived July 1 and has made many changes at the company, from its C suite to appliance distribution, notes that Lowe’s still has some legacy issues he’s dealing with.
For the quarter, Lowe’s earned $1 billion, or $1.31 per diluted share, compared with $988 million, or $1.19 a share, in the first quarter of 2018. Analysts were expecting $1.34 a share.
The company’s quarterly sales revenue hit $17.7 billion.
Read more here.
Read more top trending stories on wsoctv.com:
- Statesville tries to stop RV dealership from flying massive American flag
- Driver charged after deadly crash with bus carrying preschoolers in Stanly Co.
- 'You're in a panic': Charlotte family shaken after road rage incident
- FORECAST: Mild temps provide short term relief as heat wave approaches
- Sting operation nets 14 accused of stealing from Matthews Lowe's
© 2019 Cox Media Group.