Lowe's Companies Inc. (LOW - Analyst Report), one of the largest home improvement retailers, came out with second-quarter fiscal 2015 results, wherein earnings of $1.20 per share missed the Zacks Consensus Estimate of $1.23 but jumped 15.4% year over year.

Management continues to expect earnings of approximately $3.29 per share for fiscal 2015. The current Zacks Consensus Estimate for the fiscal year is $3.28.

Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2015 and 2016 has been portraying a downtrend in the last 30 days. In the trailing four quarters (including the quarter under review), the company has underperformed the Zacks Consensus Estimate by an average of 0.4%.

Revenues: Lowe's generated total revenue of $17,348 million that increased 4.5% year over year, and came ahead of the Zacks Consensus Estimate of $17,308 million. Comparable sales jumped 4.3% during the quarter.

Management reiterated total sales growth forecast of 4.5% to 5% and comparable sales growth of 4% to 4.5% for fiscal 2015.

Key Events: Lowe's, which operated 1,846 home improvement and hardware outlets as of Jul 31, bought back $1.5 billion of shares under its buyback program and paid $218 million in dividends in the quarter under review. The company now plans to open 15 to 20 home improvement and hardware outlets.

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

Stock Movement: Lowe’s shares are down nearly 0.8% during pre-market trading hours following the earnings release.