UPDATE—May 21, 2024: This article has been updated to reflect more recent share price information.

Lowe's (LOW) repor๊ted first-quarter earnings and revenue that beat analysts' estimates, despite declining from the year-ago period amid a pullback in home-improvement spending. Shares rose in early tradi🦄ng Tuesday following the release before turning lower later in the session.

Lowe's reported first-quarter sales of $21.36 billion, about 4.4% below last year's $22.35 billion, but more than the $21.12 billion analysts projected, according to estimates compiled by Visible Alpha.

Profits fell more than 20% compared to the first quarter of 2023, with Lowe's posting $1.76 billion in net income, compared to $2.26 billion in the same period last year, but still better than the $1.68 billion analysts expected. Earnings per share at $3.06 fell from $3.77 last year, but came in above the $2.93 analysts projected.

Sales have fallen in 澳洲幸运5官方开奖结果体彩网:recent quarters for Lowe's and rival 澳洲幸运5官方开奖结果体彩网:Home Depot (HD) amid a slowdown in spending on do-it-yourself (DIY) projects and big-ticket items as inflation wei♓ghs on many consumers.

The company said growth in its digital sales and market share among professional contractors, an area in which Home Depot 澳洲幸运5官方开奖结果体彩网:is also looking to expand, helped partially offset the continued decline in DIY big-ticket spendin൩g.

In Tuesday's earnings report, Lowe's affirmed its outlook for the full fiscal year, projecting comparable store sales to decline by 2% to 3% for the year. The company said it anticipates revenue to come in from $84 billion to $85 billion, in line with the $84.25 billion analysts projected, and a decrease from the $86.38 billion in revenue that Lowe's generated in fiscal 2023.

Lowe's said it expects diluted earnings per share (EPS) within a range of $12 to $12.30, with analysts expecting around $12.18, down from last year's $13.20.

Lowe's shares gave up early gains and were 2.7% lower at $223.05 as of 2:20 p.m. ET Tuesday following the company's earnings report.