Lowe's Companies Inc. (LOW – Analyst Report), one of the largest home improvement retailers, came out with first-quarter fiscal 2016 results, wherein adjusted earnings of 87 cents per share surpassed the Zacks Consensus Estimate by a couple of cents and surged 24.3% year over year.

Management expects earnings of approximately $4.11 per share for fiscal 2016.

Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2016 has been trending up in the last 30 days. In the trailing four quarters (including the quarter under review), the company has outperformed the Zacks Consensus Estimate by an average of 0.6%.

Revenues: Lowe's net sales of $15,234 million advanced 7.8% year over year. Comparable sales jumped 7.3% during the quarter.

Management anticipates total sales growth of roughly 6% (including the 53rd week), while comparable sales are expected to grow 4% in fiscal 2016.

Key Events: Lowe's, which operated 1,860 home improvement and hardware outlets as of Apr 29, bought back $1.2 billion worth of shares under its buyback program and paid $255 million in dividends in the quarter under review. The company plans to open about 45 home improvement and hardware outlets in fiscal 2016.

Zacks Rank: Currently, Lowe's carries a Zacks Rank #2 (Buy) which is subject to change following the earnings announcement.