TheStreet
Walgreens Boots Alliance (WBA) – Get Free Report shares edged higher in pre-market trading ahead of the pharmacy benefits manager and retailer’s fourth quarter earnings prior to the opening bell.
Walgreens, which slashed its full-year profit forecast in late July, is expected to see adjusted earnings for the three months ending in August, the group’s fiscal fourth quarter, fall 13.7% from last year to 69 cents per share. Group revenues, however, are likely to rise 6.7% to $34.62 billion.
Walgreens, a Dow component, warned in July that “significantly lower demand for COVID-related services, a more cautious and value-driven consumer, and a recently weaker respiratory season” would pressure profit margins.
Looking into the 2023 fiscal year, Walgreens said it sees adjusted earnings in the region of $4.00 to $4.05 per share, down from its prior forecast of $4.45 to $4.65 per share issued earlier this year,
The group will also start its 2024 fiscal year with a new CEO, following the abrupt departure of Rosalind Brewer last month, in the form of industry veteran Tim Wentworth, who was named to the top post late Tuesday.
Walgreens Boots Alliance shares were marked 0.2% higher in pre-market trading to indicate an opening bell price of $22.65 each, a move that would still leave the stock down nearly 40% since the start of the year.
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