Lowe's Cos., the second-largest U.S. home-improvement retailer, reported profit that rose more than analysts estimated after it took sales from Home Depot Inc.
Demand for paint, faucets and live plants spurred a 9 percent increase in second-quarter net income, to $1.02 billion, or 67 cents a share, six cents ahead of analysts' predictions. Earnings a year earlier were $935 million, or 60 cents.
Lowe's gained market share by improving its customer-service ratings and building newer stores with brighter lighting and wider aisles. The company lowered its annual earnings and revenue forecasts today as a slumping housing market, especially in Florida and California, saps demand for remodeling.
Caspian Services
Caspian Services Inc., based in Salt Lake City, reported net income of $521,000, or 1 cent per share, for the fiscal third quarter. ... That compares with a loss of $1.6 million, or 4 cents per share, for the 2006 third quarter.
Revenues totaled $15.1 million, up from $10.2 million in the prior-year quarter.
Caspian provides oil field services in the Caspian Sea region of western Kazakhstan. The company provides geophysical and seismic data acquisition services, maintains a fleet of vessels that it commissions to oil and gas exploration companies involved in exploration and development activities in the north Caspian Sea, and is building a marine base in Kazakhstan. It has two offices in Kazakhstan and one in Salt Lake City.