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Finances
We regularly report financial results of public companies in the power equipment industry , using data they provide in filings and through investor calls . This is a review of results we ’ ve posted on ope-plus . com when the companies release their results .
LOWE ’ S On Aug . 20 , Lowe ’ s Companies , Inc . presented its second quarter 2024 financial results . Total sales for the quarter were $ 23.6 billion , compared to $ 25.0 billion in the prior-year quarter . Comparable sales for the quarter decreased 5.1 % driven by continued pressure in DIY bigger ticket discretionary spending and unfavorable weather adversely impacting sales in seasonal and other outdoor categories , partially offset by positive comparable sales in Pro and online .
Lowe ’ s lowered its full-year projection , saying it now expects total sales of $ 82.7 to $ 83.2 billion , down from its previous forecast of $ 84 to $ 85 billion . The company said it expects comparable sales to be down -3.5 to -4.0 % as compared to prior year ( previously down -2 to -3 %) As such , it also adjusted operating income as a percentage of sales ( adjusted operating margin ) of 12.4 to 12.5 % ( previously 12.6 to 12.7 %).
As of Aug . 2 , 2024 , Lowe ’ s operated 1,746 stores representing 194.9 million square feet of retail selling space .
DEERE & COMPANY Releasing its Q3 2024 financial statement , Deere & Company reported worldwide net sales and revenues decreased 17 percent , to $ 13.152 billion , for the third quarter of 2024 and decreased 11 percent , to $ 40.572 billion , for nine months .
The company reported net income of $ 1.734 billion for the third quarter ended July 28 , 2024 , or $ 6.29 per share , compared with net income of $ 2.978 billion , or $ 10.20 per share , for the quarter ended July 30 , 2023 . For the first nine months of the year , net income attributable to Deere & Company was $ 5.855 billion , or $ 21.04 per share , compared with $ 7.797 billion , or $ 26.35 per share , for the same period last year .
Deere also reported in this Q3 statement a $ 124 million charge covering employee-separation programs for its salaried workforce in several geographic areas , including the United States , Europe , Asia , and Latin America . It said the program ’ s main purpose was to help meet the company ’ s strategic priorities while reducing overlap and redundancy in roles and responsibilities . The programs were largely involuntary in nature with the expense recorded when management committed to a plan , the plan was communicated to the employees , and the employees were not required to provide service beyond the legal notification period .
Small agriculture and turf sales decreased for the quarter due to lower shipment volumes , partially offset by price realization . Operating profit decreased primarily due to lower shipment volumes and higher warranty expenses , partially offset by price realization . Net sales dropped 18 % year over year , from $ 3,739 million in 2023 to $ 3,053 in 2024 Q3 . Operating profit fell 32 %.
THE HOME DEPOT On Aug . 13 , the Home Depot announced its financial results for the second quarter of fiscal 2024 , reporting sales of $ 43.2 billion , an increase of 0.6 % from the second quarter of fiscal 2023 . Total sales include $ 1.3 billion from the recent acquisition of SRS Distribution Inc . ( SRS ), which represents approximately six weeks of sales in the quarter . Comparable sales for the second quarter of fiscal 2024 decreased 3.3 %, and comparable sales in the U . S . decreased 3.6 %.
Operating income for the second quarter of fiscal 2024 was $ 6.5 billion and operating margin was 15.1 %, compared with operating income of $ 6.6 billion and an operating margin of 15.4 % for the second quarter of fiscal 2023 .
The company updated its fiscal 2024 guidance , which includes 53 weeks of operating results , to reflect the performance in the first half of fiscal 2024 and include SRS Distribution business :
TECHTRONIC INDUSTRIES On Aug . 6 , Techtronic Industries Co . Ltd . announced its unaudited consolidated results for the six-month period ended June 30 , 2024 . TTI grew sales in the first half of 2024 to US $ 7.3 billion , up 6.3 % in reported currency and 6.6 % in local currency . Milwaukee delivered double-digit sales growth in local currency and Ryobi outperformed the market .
Milwaukee , which TTI called its “ Flagship ,” grew sales 11.2 % in local cur-
6 OPE + September 2024 www . OPE-Plus . com