Lowe’s Falls on Weak Q2, Year View

Shares of Lowe’s (LOW) are off 99 cents, or 4%, $25.08, after the company this morning forecast disapppointing quarterly and year profit, even though it beat Q1 revenue expectations at $12.4 billion versus the $12.2 billion average estimate, and profit per share of 34 cents, beating estimates by 3 cents.

Sales rose 5%, year over year, on a 2.4% rise in same-store sales.

Bigger-ticket items and discretionary purchases returned during the quarter, CEO Rob Niblock said.

Still, 2010 is a “year of transition,” Niblock said.

For the current quarter, the company sees EPS of 57 cents to 59 cents per share, below the average 62-cent estimate, and revenue of $14.5 billion to $14.8 billion, versus $14.6 billion expected.

For the year, the company sees EPS of $1.37 to $1.47, versus $1.45 expected, on revenue of $49.6 billion to $50.5 billion, ahead of the average $49.67 billion estimate.