Walgreens Boots Alliance Inc. (NASDAQ:WBA) shares eased in premarket trade despite posting better-than-expected earnings in the first quarter.
The drug store chain said in the quarter ending November 30, it recorded net income of US$822mln or 81 US cents a share, down from the US$1.07bn, or 97 US cents a share, a year ago.
READ: Walgreens Boots Alliance reports above-forecast fourth quarter profit and revenue
Adjusted per-share earnings came to US$1.28, ahead of market consensus of US$1.26.
Prescription volume and market share growth main drivers
In the quarter, sales rose to US$30.7bn from the US$28.5bn posted the year before. The figure was also ahead of Wall Street’s consensus for US$30.4bn.
Chief executive Stefano Pessina said in a statement that the company’s earnings were driven by continued prescription volume and market share growth in retail pharmacy in the US.
Walgreens Boots Alliance raised the low end of its fiscal 2018 EPS guidance range by 5 US cents to US$5.45 to US$5.70.
In premarket trade, shares were down 1.47% at US$75.51.