Stock

Walgreens stock down despite market-beating Q3 results

Walgreens Boots Alliance Inc (NASDAQ: WBA) on Thursday said lower demand for COVID vaccine and tests resulted in a significant year-on-year hit to its third-quarter results. Shares are down more than 3.0% this morning.

Walgreens Q3 results

Net income printed at $289 million versus the year-ago figure of $1.197 billionPer-share earnings of 33 cents were massively below $1.38 in Q3 of previous yearOn an adjusted basis, EPS stood at 96 cents in the recent financial quarterSales slid 5.0% YoY on $32.6 billion, as per the earnings press releaseFactSet consensus was for 92 cents of adjusted EPS on $32.06 billion in salesExcluding tobacco, comparable retail sales in the U.S. went up 2.40%

Walgreens administered 3.9 million COVID tests and 4.7 million doses in fiscal Q3. Wall Street, on average, sees a 20% upside in the stock from here.

Walgreens future guidance

For the full financial year, Walgreens Boots Alliance Inc reiterated its guidance for a low-single-digits percentage growth in its adjusted per-share earnings. This compares to the experts’ forecast for a 2.6% increase.

Earlier this week, Walgreens said it had decided to keep “Boots” following a strategic review. In the earnings press release, CEO Rosalind Brewer said:

Walgreens Health achieved 65% pro forma sales growth, already exceeding our 2022 target. With our decision to conclude the Boots strategic review, I firmly believe our strategic actions are working to deliver long-term shareholder value.

The stock is down nearly 30% from its year-to-date high.

The post Walgreens stock down despite market-beating Q3 results appeared first on Invezz.

Disclaimer: MonopolyWinnersUpdates.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 MonopolyWinnersUpdates.com. All Rights Reserved.

To Top