RTTNews | May 19, 2021 06:32AM EDT

06:31 Wednesday, May 19, 2021 (RTTNews.com) - While announcing higher first-quarter results, home improvement retailer Lowe's Cos. (LOW) Wednesday said it is currently tracking ahead of the robust market scenario provided at its December investor update, which assumed fiscal 2021 sales of $86 billion.

On average, 32 analysts polled by Thomson Reuters expect full-year sales of $88.9 billion. Analysts' estimates typically exclude special items.

According to the company, better-than-expected results and a supportive macroeconomic backdrop build its confidence in its ability to deliver strong results for the fiscal year.

The company projects continued market share gains and the achievement of a 12 percent operating margin.

Lowe's also said it continues to plan for $9 billion in share repurchases and $2 billion in capital expenditures in fiscal 2021.

In its first quarter, net earnings climbed to $2.3 billion or $3.21 per share from $1.3 billion or $1.76 per share last year. Analysts expected the company to earn $2.62per share.

The company's revenue for the quarter rose 24.1 percent to $24.42 billion from $19.68 billion last year. Comparable sales increased 25.9 percent. Comparable sales for the U.S. home improvement business increased 24.4 percent for the first quarter.

In pre-market activity on the NYSE, Lowe's shares were losing around 2.14 percent to trade at $192.75.

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