Walgreens beats estimates in fiscal Q2
Walgreens Boots Alliance Inc is trading slightly up in premarket on Thursday after reporting upbeat financial results for its second quarter.
Walgreens’ guidance for the full year
Investors are cheering also because the management issued encouraging guidance for the future. $WBA now forecasts its adjusted per-share earnings to fall between $3.20 and $3.35 in fiscal 2024.
Analysts, in comparison, were at $3.24 per share. Tim Wentworth – the chief executive of Walgreens Boots Alliance said in a press release today:
We remain confident in our goal of achieving $1 billion in cost savings this year. We are continuing to strategically review our portfolio over the next three months in an effort to ensure it drives growth and delivers value.
Walgreens expects its U.S. Healthcare adjusted EBITDA to breakeven this year. Wall Street currently has a consensus “hold” rating on $WBA.
Walgreens Q2 earnings snapshot
- Lost $5.9 billion that translates to $6.85 per share
- Had $703 million in net earnings a year ago
- Adjusted EPS printed at $1.20 as per the earnings report
- Sales jumped 6.3% year-over-year to $37.1 billion
- Consensus was 82 cents a share on $36.48 billion in revenue
Walgreens took a rather sizable $6.0 billion goodwill impairment charge related to VillageMD in the second quarter. Still, CEO Wentworth said on Thursday:
We’re encouraged by our first quarter of U.S. Healthcare positive adjusted EBITDA and another quarter of strong execution in pharmacy, as we look to re-energize and evolve its impact both at Walgreens and at large.
This is a developing story. Check back in a few minutes for more updates!
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