Walgreens Beats Analysts' Expectations with Strong Q1 Earnings, But Cuts Stock Dividend Nearly In Half

Benzinga

Walgreens reported fiscal first-quarter adjusted earnings of 66 cents per share, beating analysts' estimates of 61 cents. Revenue came in at $36.71 billion, above estimates of $34.86 billion. However, the company cut its quarterly dividend nearly in half to 25 cents per share from 48 cents to strengthen its balance sheet and cash position. Total prescriptions filled were flat at 311.6 million, which is flat compared to a year ago. Retail sales, excluding pharmacy, fell 6.1% due to a weaker cold and flu season impacting medication and vaccine demand.

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00:00 It's Benzinga and here's what's on the block.

00:02 Walgreens reported fiscal first quarter adjusted earnings of 66 cents per share,

00:07 beating analyst estimates of 61 cents. Revenue came in at $36.71 billion, above estimates of

00:14 $34.86 billion. However, the company cut its quarterly dividend nearly in half to 25 cents

00:21 per share, from 48 cents, to strengthen its balance sheet and cash position. Total prescriptions

00:26 filed were flat at $311.6 million, which is flat compared to a year ago. Retail sales,

00:33 excluding pharmacy, fell 6.1 percent due to a weaker cold and flu season impacting medication

00:38 and vaccine demand. Walgreens reiterated its fiscal 2024 adjusted EPS guidance range of $3.20

00:45 to $3.50, expecting lower COVID sales to offset other growth factors. For all things money,

00:51 visit Benzinga.com.

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