(fxcue news) - Home improvement major Lowe's Companies, Inc. on Tuesday trimmed its fiscal 2024 earnings and sales outlook below market estimates after reporting weak results in its second quarter. However, the quarterly earnings per share beat the Street view. The company attributed lower-than-expected DIY sales and a pressured macroeconomic environment for the downward revision in annual forecast. In pre-market activity on the NYSE, Lowe's shares were losing around 1 percent to trade at $241.03. Marvin Ellison, Lowe's chairman, president and CEO, said, "The company delivered strong operating performance and improved customer service despite a challenging macroeconomic backdrop, especially for the homeowner. At the same time, we continue to build momentum with our Total Home strategy reflected by our mid-single-digit positive comps with the Pro customer this quarter. As we look ahead, we are confident that we are making the right long-term investments to take share when the market recovers." For fiscal 2024, the company now expects adjusted earnings per share of around $11.70 to $11.90, lower than previously expected $12.00 to $12.30. Analysts on average expect the company to report earnings of $12.14 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items. Adjusted operating margin is now expected to be 12.4 percent to 12.5 percent, compared to 12.6 percent to 12.7 percent expected earlier. The company further trimmed total sales guidance to $82.7 billion to $83.2 billion from previously expected $84 billion to $85 billion. The Street is looking for sales of $84.16 billion for the year. Comparable sales are now expected to be down 3.5 percent to 4 percent as compared to prior year, while previous outlook was down 2 to 3 percent. In its second quarter, Lowe's earnings decreased from the same period last year but beat the Street estimates. The company's bottom line totaled $2.38 billion or $4.17 per share, down from $2.67 billion, or $4.56 per share a year earlier. Adjusted earnings were $4.10 per share for the period. Analysts had expected the company to earn $3.97 per share. The company's total sales for the quarter fell 5.5 percent to $23.59 billion from $24.96 billion last year. The Street expected sales of $23.9 billion for the quarter. Comparable sales for the quarter decreased 5.1 percent with continued pressure in DIY bigger ticket discretionary spending and unfavorable weather adversely impacting sales in seasonal and other outdoor categories. These were partially offset by positive comparable sales in Pro and online. As of August 2, Lowe's operated 1,746 stores. For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.