Lowe's Companies, Inc. (LOW - Free Report) , the home improvement retailer, came out with first-quarter fiscal 2018 results, wherein earnings of $1.19 a share missed the Zacks Consensus Estimate of $1.22, but increased 15.5% year over year.

Management now envisions fiscal 2018 earnings in the band of $5.40-$5.50 per share. The current Zacks Consensus Estimate for the fiscal is $5.46, well within the guided range.

Revenues: Lowe's generated net sales of $17,360 million that increased 3% year over year but fell short of the Zacks Consensus Estimate of $17,457 million. Comparable sales for the quarter inched up 0.6%.

Lowe's Companies, Inc. Price and EPS Surprise

Management now projects total sales growth of 5% in fiscal 2018. Comparable sales are continued to be expected to increase roughly 3.5% for the full year.

Key Events: During the quarter, the company bought back shares worth $750 million under its share buyback program and paid $340 million in dividends.

Zacks Rank: Currently, Lowe's carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.