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Lowe's beat Wall Street's earning expectations on Wednesday as demand for home projects picked up during the quarter, but homeowners' appetite for bigger projects remained weak.

The retailer also announced its latest effort to attract more business from home professionals. It said on Wednesday that it has struck a deal to acquire Foundation Building Materials, a distributor of drywall, insulation and other interior building products for large residential and commercial professionals, for about $8.8 billion.

Home improvement demand has been weaker as higher borrowing costs and mortgage rates keep some homeowners and potential homebuyers on the sidelines. To overcome those slower sales, Lowe's has looked to ho

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