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Walgreens Gains On Revised Guidance, Results Topping Estimates

Walgreens (NASDAQ:WBA) shares were up nearly 3% in Wednesday’s premarket, boosted by the company’s guiding profit expectations higher, as well…

By financial2020myday , in Stock Markets , at March 31, 2021

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.

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