Walgreens (NASDAQ:WBA) stock is falling on Thursday following the release of the company’s earnings report for its fiscal third quarter of 2022.
Starting off the earnings report is adjusted earnings per share (EPS) of 96 cents. That’s above the 92 cents per share that Wall Street was expecting. Even so, it’s still a 30% decrease compared to the same time last year. Walgreens attributes this to the influx of Covid-19 vaccines in fiscal Q3 2021.
To go along with that, the pharmacy chain reported revenue of $32.6 billion. This also beats out analysts’ revenue estimate of $32.06 billion for the period. However, it’s also a 4.2% decrease from the same period of the year prior. The company blames this on a 720 basis point sales decline at AllianceRx Walgreens.
Walgreens only provides a small insight into its outlook for fiscal 2022. It’s still expecting adjusted EPS for the year to increase in the low-single digits. The company reported an adjusted EPS of $4.91 for the full year of 2022. Wall Street is looking for an adjusted EPS of $5.03 in 2022.
Rosalind Brewer, CEO of Walgreens, said the following in the earnings report:
WBA delivered strong execution across operating segments and against very robust growth last year. Third quarter results were broadly in line with our expectations, demonstrating the resilience of our business through our deep community connections and relevance to consumers.
WBA stock is down 4.1% as of Thursday morning. The stock is also down 26.1% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
