Lowe's 3Q profits dropped 30%, but flooring and appliance sales rose

Homeowners still aren't ready to go whole-hog on their bath and kitchen renovations, but they're taking on slightly larger projects than they were earlier this year, according to executives at Lowe's Cos. (LOW), which reported that its third-quarter profit met expectations.

The nation's second-largest hardware chain posted net income of $344 million for the quarter, a drop of 29.5% from a year ago. Earnings per share were 23 cents for the quarter, or 24 cents after factoring out some accounting charges, which met Wall Street's expectations.