Finance

Walgreens swings to a profit and raises forecast, but shares fall on fears vaccination boost will fade

A person walks outside Duane Reade by Walgreens in Hell’s Kitchen on May 26, 2021 in New York City.
Noam Galai | Getty Images

Walgreens Boots Alliance said on Thursday that sales rebounded at its stores in its fiscal third-quarter and got a lift from Covid-19 shots, prompting the company to raise its outlook for the year ahead.

The drugstore chain’s shares were up more than 3% in premarket trading.

Here’s what Walgreens reported compared with what analysts were expecting for the third quarter ended May 31, based on Refinitiv data:

  • Earnings per share: $1.51 adjusted vs. $1.17 expected
  • Revenue: $34.03 billion vs. $33.76 billion expected

In the quarter, Walgreens posted a net profit of $1.20 billion, or $1.38 per share, compared with a net loss of $1.71 billion, or $1.95 per share, a year earlier.

Excluding items, the company earned $1.51 per share, higher than the $1.17 expected by analysts surveyed by Refinitiv.

Sales rose to $34.03 billion from $30.36 billion a year earlier, exceeding the $33.76 billion that analysts expected.

As of Wednesday’s close, Walgreens shares are up about 32% so far this year. Shares closed Wednesday up 1.19% to $52.61. The company’s market value is $45.48 billion.

Articles You May Like

TSMC posts fastest monthly revenue growth since 2022 on AI chip boom
Inflation Fears Resurface as Commodities Spike, Thwarting Central Bank Easing Hopes
Euro Declines After ECB Opens Door for Rate Cuts, Dollar Eases Following PPI Data
Dow Jones technical analysis – a junction of a retest.
5 reasons why gold miners make more money than gold investors

Leave a Reply

Your email address will not be published. Required fields are marked *