Home improvement retailer Lowe’s Cos. reported third-quarter earnings on Tuesday that missed analyst expectations due to its restructuring.

The company reported net earning of $629 million, or 78 cents per share, a 27.9 percent decrease from $1.05 per share, or $872 million, reported in the third quarter a year ago. Earning missed analyst predictions of 98 cents per share.

Revenue increased 3.7 percent to $17.42 billion from $16.77 billion year over year, exceeding analyst predictions of $17.36 billion.

The Mooresville-based company has been busy revamping its business structure and driving focus on its core home improvement business to improve its profitability. The company had already announced decisions to exit its Orchard Supply Hardware operations and close 20 underperforming stores in the U.S. as well as 31 stores in Canada.

Lowe’s also intends to exit its Mexico retail operations and is exploring strategic alternatives. It has also identified certain non-core activities within its U.S. home improvement business to exit, including Alacrity Renovation Services and Iris Smart Home.

“Our top priority in the third quarter was positioning Lowe’s for long-term success by identifying underperforming or non-core businesses and stores for divestiture,” said Lowe’s new CEO Marvin R. Ellison in a statement.

Ellison started his job on July 2, replacing Robert Niblock, who retired after 25 years at the company.

This quarter, Lowe’s repurchased $620 million in stock, returning dividends of $390 million to shareholders.

The company’s stock was trading at $87.83 Tuesday morning, down 3.85 percent from Monday’s close of $91.35.