Lowe's earnings beat Wall St. estimates

Lowe's (LOW) shares jumped more than 2% in pre-market trading after the company posted earnings that beat Wall Street estimates,

The home improvement retailer was also slightly more optimistic about its outlook for the year, saying it expects sales to increase 4.5% to 5%.

The company said it earned $585 million in the third quarter, or 59 cents a share. That compares with $499 million, or 47 cents a share, in the same period a year ago.

Revenue rose 5.6% to $13.68 billion, up from $13.0 billion a year ago.

Wall Street analysts were expecting earnings of 58 cents a share and $13.55 billion, according to FactSet.

A key retail metric, sales at stores open at least a year, rose 5.1%.

Lowe's CEO Robert A. Niblock said the company continues "to be cautiously optimistic about the home improvement landscape."

Lowe's shares rose 2.3% to $59.85 in pre-market trading.