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Walgreens Boots Alliance Inc. (NASDAQ: WBA) released first quarter of fiscal 2024 financial results before the opening bell in Wall Street on Thursday.
The American healthcare, pharmacy, and retail company reported revenue of $36.707 billion for the quarter, which topped analyst estimate of $34.949 billion. Revenue was up by 10% from the same period a year prior.
Earnings per share reported at $0.66 (down by 43.1% year-over-year) vs. $0.616 per share expected.
Walgreens cut its dividend by 48% from the previous quarter to $0.25 per share.
Tim Wentworth commented on the latest results: “WBA delivered fiscal first quarter results in line with overall expectations, reflecting disciplined execution in a challenging consumer backdrop. We are evaluating all strategic options to drive sustainable long-term shareholder value, focusing on swift actions to right-size costs and increase cash flow, with a balanced approach to capital allocation priorities. Today we are announcing a 48 percent reduction in our quarterly dividend payment, while maintaining a competitive yield. We are proud to be a trusted and independent partner of choice, delivering healthcare to millions of people. And, we will leverage our local, convenient presence to engage with patients and help payors, providers, and pharma companies also achieve better health outcomes at an affordable cost.”
The stock was down by over 6% on Thursday after the latest results, trading at $23.84 a share – the lowest level since 12/12/2023.
Walgreens Boots Alliance stock price targets
Walgreens Boots Alliance Inc.is the 882nd largest company in the world with a market cap of $22.04 billion.
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Sources: Walgreens Boots Alliance Inc., TradingView, MarketWatch, Benzinga, CompaniesMarketCap
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