Walgreens Boots Alliance adds 2% after topping FQ2 estimates By Investing.com

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Walgreens Boots Alliance adds 2% after topping FQ2 estimates

Published Mar 28, 2023 12:50

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Walgreens Boots Alliance adds 2% after topping FQ2 estimates

WBA

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By Senad Karaahmetovic

Shares of Walgreens Boots Alliance (NASDAQ:WBA) are moving higher in pre-market Tuesday after the company reported better-than-expected results for its fiscal second quarter.

WBA reported EPS of $1.16 to beat the average analyst estimate of $1.10. Revenue came in at $34.9 billion, again higher than the $33.53B consensus. On a more negative note, the adjusted gross margin was 20.5%, missing the consensus by 110 basis points.

"WBA exited a solid second quarter with acceleration in February, adding to our confidence in driving strong growth in the second half of the year. With the closing of VillageMD's acquisition of Summit Health, WBA is now one of the largest players in primary care, with best-in-class assets across the care continuum," said Chief Executive Officer Rosalind Brewer.

Walgreens also reaffirmed its FY profit guidance of $4.45-4.65 as "strong core business growth is more than offset by lapping peak COVID-19 demand; pivoting to mid-twenties percent adjusted EPS growth in the second half of fiscal 2023 at the midpoint."

WBA shares are down 11.8% year-to-date (YTD).

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