Lowe’s sales top estimates amid strengthening US housing market

Lowe’s Cos. Inc. posted quarterly profits and sales above analyst estimates as data from the National Association of Home Builders indicates the U.S. housing market recovered during the third quarter.

The Mooresville, N.C.-based company's net sales rose to $14.36 billion in the quarter ended Sept. 30, a 5 percent increase that fell just short of competitor Home Depot Inc.’s 5.1 percent.

Net income for Lowe’s rose to $736 million from $585 million in the third quarter of 2014. The earnings of 80 cents per share edged out analyst expectations of 78 cents per share, according to Reuters.

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