Lowe’s outlook improves

Lowe’s Cos., the world’s second largest home improvement retailer, on Monday reported an 18 percent increase in second-quarter net income and said earnings for the rest of the year would top analysts’ estimates.

Lowe’s shares gained more than 5 percent as analysts cited relief that solid second-half profits were expected despite some sales weakness in June.

Lowe’s, based in Mooresville, N.C., said net income rose to $704 million, or 89 cents a share, for the quarter ended July 30, from $597 million, or 75 cents a share, a year earlier.

International

Kansas City Southern to buy share of railway

Mexican transportation company Grupo TMM said Monday it agreed to sell to partner Kansas City Southern a controlling stake in a railway linking their U.S. and Mexican rail networks.

In a joint press release, the companies said TMM’s rail unit Transportacion Ferroviaria Mexicana, or TFM, will sell to Kansas City Southern 51 percent of Mexrail Inc. for $32.7 million.

Mexrail owns the Texas-Mexican Railway Co., or Tex-Mex, a short line that connects Kansas City Southern’s U.S. lines with TFM’s Mexican lines.

Lawrence

TherapyWorks to expand, celebrate anniversary

TherapyWorks P.A. is having an open house from 5 p.m. to 7 p.m. Wednesday at 1112 W. Sixth St. to celebrate its 10-year anniversary.

The company also announced it is expanding its Lawrence operations with the opening of a new location in the offices of the Internal Medicine Group, which is building a new facility near Sixth Street and Folks Road. The office is expected to open in spring 2005.

TherapyWorks was founded in 1994 by Cindy Johnson and had a staff of two employees. Currently, the company has 80 employees and has provided physical and occupational therapy to more than 10,000 patients, Johnson said.

The open house will feature chair massages, tours and prizes.

Automotive

DaimlerChrysler sells its stake in Hyundai

DaimlerChrysler AG said Monday it had sold its 10.5 percent stake in South Korea’s Hyundai Motor Co., a move it expects will raise more than $900 million.

DaimlerChrysler bought the stake for $484 million in 2000 and 2001, spokesman Toni Melfi said. The sale was expected after the two companies said earlier this year they wanted to scale back their relationship.

The two carmakers’ relationship cooled amid the German automaker’s plans to build Mercedes-Benz cars in China in partnership with Beijing Automotive Industry Holding Co. Hyundai said that violated its own agreement with Beijing Automotive, which Hyundai said had agreed not to enter into other joint ventures until its deal with Hyundai expired.