MOORESVILLE, N.C. - Lowe’s Cos. said its third-quarter profit fell 24 percent as consumers postponed home-improvement projects and big-ticket purchases as an all-but-certain recession looms.

But despite the grim figures, the results still beat Wall Street’s expectations.

Lowe’s said Monday that profit fell to $488 million, or 33 cents per share. That’s down from $643 million,or 43 cents per share, a year ago.

Revenue climbed 1.4 percent to $11.73 billion, up from $11.57 billion last year. Same-store sales — an important retail industry metric — sank 5.9 percent.

“The third quarter continued what has been a very difficult period for our industry as many exterior factors weighed on home improvement sales,” Lowe’s Chairman and Chief Executive Robert Niblock told investors during a conference call.

Analysts surveyed by Thomson Reuters expected the company to earn 28 cents per share on revenue of $11.62 billion.

The Mooresville, N.C.-based home-improvement chain told investors that it expects a fourth-quarter profit between 8 cents and 16 cents per share. Meanwhile, the company forecast 2009 profit between $1.46 and $1.54 per share.

Analysts expect the company will earn 18 cents per share for the quarter and $1.51 per share for the year.

Lowe’s shares rose 46 cents to $18.69 in morning trading.

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