Walgreens Boots Alliance delivered an upside earnings surprise when it handed down its most recent quarterly earnings report, leaving investors wondering if the pharmacy chain can do it again when it reports its third quarter fiscal 2023 results on June 27.
Walgreens is expected to post earnings per share (EPS) of $1.08 according to Zacks Consensus Estimate, an improvement from the year-ago quarter when its adjusted EPS was $0.96.
Revenue is pegged at $33.82 billion, above the $32.6 billion reported in the same quarter in fiscal 2022. This represents year-over-year sales growth of about 3.8%.
Despite declining COVID-19 vaccination and testing revenue driving profit lower during 2Q fiscal 2023, Walgreens has said it is confident it can deliver strong growth during the third and fourth quarters.
With the release of its 2Q results in late March, it re-affirmed its full-year adjusted earnings per share guidance of $4.45 to $4.65 and projected adjusted earnings per share growth in the second half of fiscal 2023 as a percentage in the mid-20s.
Walgreens stock is currently trading at US$32.69. It is down about 12.2% in the year to date.
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