Building Products - Review of Lowe's 1Q26 Results

研报英文原文证据摘录

Building Products - Review of Lowe's 1Q26 Results

Truist Securities

Equity Research Report May 20, 2026

INDUSTRIALS: Building Products/

Durable Goods Building Products - Review of Lowe's

1Q26 Results

Lowe’s posted positive comps in 9 of 13 categories after consolidating segments. Q1 Keith Hughes sales grew 10.3% y/y, with comps up 0.6% despite weather impacting February and

404-926-5032

Keith.Hughes@truist.com March; average ticket rose 1.5% while average transactions declined 0.9%. Monthly

comps improved through the quarter with the company's Spring Fest performing

well despite the macro uncertainty. FBM and ADG integrations are on track, though Julian Nirmal residential demand is weak and FBM’s commercial segment is continuing to win 404-836-4749

Julian.Nirmal@truist.com large projects and procurement synergies. No commentary was provided on future

acquisitions but the mid-2027 deleverage target was reiterated.

4 Page Document

Positive Comps Seen in 9 of 13 Merchandising Categories. Lowe’s (LOW, Buy,

Ciccarelli) saw positive comps in their Lawn & Garden, Tools & Hardware, Millwork,

Reasons for this report Appliances, Electrical, Power Equipment, Paint, Rough Plumbing, Seasonal & Cleaning

categories. Note the company recently combined power tools with outdoor power

✓ Sector Update equipment, reducing its merchandising categories to 13 from 14. Related companies

✓ LOW impact on our Building Products under our coverage include: Plumbing - Fortune Brands (FBIN, Hold), Masco (MAS,

Coverage Buy), Ferguson (FERG, Buy), Outdoor Garden - SiteOne Landscape Supply (SITE,

Buy), Paint - Masco, Roofing - QXO (QXO, Buy), Owens Corning (OC, Hold) and

Insulation - Owens Corning, TopBuild (BLD, Hold) and Installed Building Products (IBP,

Hold).

Results Overview.