Lowe’s 4Q profits rise with job market

MOORESVILLE, N.C. — Lowe’s fourth-quarter profit climbed as an improving job market creates marginal improvements in the housing market.

The country’s second-largest home improvement retailer posted earnings of $450 million, or 46 cents per share, for the three months ended Jan. 30. A year earlier it earned $306 million, or 29 cents per share.

The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.

Revenue for the Mooresville, N.C., company rose to $12.54 billion from $11.66 billion. Analysts expected $12.29 billion.

Lowe’s reported a 2014 profit of $2.71 per share on revenue of $56.22 billion.

FAA: Southwest has 5 days to check jets

DALLAS — Federal officials have agreed to let Southwest Airlines keep flying planes that missed an inspection of a backup rudder system if the planes are checked in the next five days.

Southwest grounded 128 planes — about one-fifth of its fleet — on Tuesday after discovering the missed inspections.

Southwest spokesman Brandy King said the airline canceled about 80 flights Tuesday and expected to cancel up to 19 more today while some inspections are done. She said the airline expected to finish “a good portion” of the inspections today morning.

The missed inspections involved hydraulic systems used to control the rudder if the main system fails. King said that after discovering the lapse, Southwest immediately notified federal safety regulators, took the planes out of service and began checking them.