Walgreens (NASDAQ:WBA) shares were up nearly 3% in Wednesday’s premarket, boosted by the company’s guiding profit expectations higher, as well as by earnings for the three months through February that beat estimates.
The company raised its profit guidance to mid-to-high single-digit growth in constant currency for fiscal 2021. Previous guidance was for low single-digit growth.
The pharmacy chain said its revised guidance reflects first-half performance above expectations and anticipated strong growth in the second half of the fiscal year.
Traders seemed to recognize the company’s cost-saving measures too. Walgreens said it is on track to deliver in excess of $2 billion in annual cost savings by fiscal 2022.
The pharmacy chain announced earnings per share of $1.4 on revenue of $32.78 billion in the second quarter earlier. Analysts polled by Investing.com anticipated EPS of $1.13 on revenue of $36.49 billion.