Walgreens Boots Alliance Q1 Profit Tops Estimates, Sales Up 7.8%; Raises FY22 Guidance

(RTTNews) - Walgreens Boots Alliance, Inc. (WBA) said the company's first-quarter results exceeded its expectations, with an encouraging performance across all business segments. Adjusted operating income from continuing operations was $1.8 billion, an increase of 48.5 percent on a constant currency basis. The company said the increases reflect strong adjusted gross profit growth across both pharmacy and retail in the United States and a continued rebound in International segment sales and profitability.

Looking forward, the company increased its guidance for fiscal 2022. Adjusted EPS guidance was raised to low-single digit growth, from flat previously, to reflect first quarter performance and continued positive momentum.

First quarter adjusted profit per share from continuing operations was $1.68, an increase of 53.2 percent on a reported basis and an increase of 53.1 percent on a constant currency basis. On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $1.33, for the quarter. Analysts' estimates typically exclude special items. Adjusted net earnings from continuing operations was $1.5 billion, up 53.5 percent on a reported and constant currency basis from last year.

Net earnings from continuing operations was $3.6 billion compared to a loss of $391 million, prior year. Profit per share from continuing operations was $4.13, compared to a loss of $0.45.

Sales from continuing operations increased 7.8 percent to $33.9 billion, an increase of 7.6 percent on a constant currency basis, reflecting strong comparable sales growth at Walgreens and in the International segment. Analysts on average had estimated $32.74 billion in revenue.

Shares of Walgreens Boots Alliance were up 3% in pre-market trade on Thursday.