Lowe’s earned $692 million, or 91 cents per share, for the period ended Oct. 30. That included a $1.1 billion pre-tax loss on extinguishment of debt related to its third-quarter $3 billion cash tender offer. A year earlier the Mooresville, North Carolina-based company earned $1 billion, or $1.36 per share.
Removing the charge, earnings were $1.98 per share, which was a penny better than Wall Street’s expectations.
The company said that in the final quarter of the year it expects per-share earnings of between $1.10 and $1.20. With Wall Street already projecting earnings of $1.16 per share, Lowe’s expectations for the fourth quarter leave a lot of room on the downside.
Shares in the North Carolina company slid more than 6% in premarket trading Wednesday.
The chain’s results come one day after rival Home Depot reported a 23% jump in its third-quarter sales. Same-store sales climbed 24.1%.
Lowe’s also announced Wednesday that it reinstated its share repurchase program. The company bought back 3.6 million shares for $621 million during the quarter.