The most recent Walgreens earnings report saw WBA stock dropping on Thursday.
Walgreens’ (NASDAQ:WBA) earnings report for its fiscal first quarter of 2019 includes earnings per share of $1.46. This is up from its earnings per share of $1.23 from its fiscal first quarter of 2018. It also beat out Wall Street’s earnings per share estimate of $1.43 for the period, but couldn’t save WBA stock from falling today.
The Walgreens earnings report for its fiscal first quarter of 2019 also has net income coming in at $1.12 billion. The drug retail company’s net income from the same period of the year prior was $821 million.
Operating income reported in the Walgreens earnings report for its fiscal first quarter of the year was $1.40 billion. This is better than the company’s operating income of $1.32 billion reported in its fiscal first quarter of the previous year.
During the Walgreens earnings report for its fiscal first quarter of 2019, the company reported revenue of $33.79 billion. This is an increase over its revenue of $30.74 billion reported during the same time last year. It also just barely comes in above analysts’ revenue estimate of $33.78 billion for the quarter, but WBA stock is still down.
All of this is good news for Walgreens. So why exactly is WBA stock down today? The drop likely has to do with a new “transformational cost management program.” The goal of this program is to reduce yearly costs by $1 billion by the end of its third year. The company is expecting to face several charges in connection with this change.
WBA stock was down 4% as of noon Thursday.
As of this writing, William White did not hold a position in any of the aforementioned securities.