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Finanzas: Walgreens Boots Alliance Reports Fiscal 2017 First Quarter Results

Finanzas: Walgreens Boots Alliance Reports Fiscal 2017 First Quarter Results

Enero 6, 2017

Autor/Fuente: http://seekingalpha.com 👤Periodista: Dayana Vazquez 🕔06.Ene 2017

 

First quarter highlights

GAAP diluted net earnings per share decrease 4.0 percent from the year-ago quarter, to $0.97; Adjusted diluted net earnings per share increase 6.8 percent to $1.10, up 9.7 percent on a constant currency basis

GAAP net earnings attributable to Walgreens Boots Alliance (WBA) decrease 5.0 percent from the year-ago quarter to $1.1 billion; Adjusted net earnings attributable to Walgreens Boots Alliance increase 6.1 percent to $1.2 billion, up 8.2 percent on a constant currency basis

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Sales decrease 1.8 percent to $28.5 billion, increase 1.1 percent on a constant currency basis

GAAP operating income decreases 1.4 percent to $1.4 billion; Adjusted operating income increases 0.4 percent to $1.7 billion, up 2.8 percent on a constant currency basis

GAAP net cash provided by operating activities was $525 million and free cash flow was $147 million

Fiscal 2017 guidance

Company raises the lower end of its guidance for fiscal year 2017 by 5 cents per share and now anticipates adjusted diluted net earnings per share of $4.90 to $5.20

DEERFIELD, Ill.–(BUSINESS WIRE)– Walgreens Boots Alliance, Inc. (Nasdaq: WBA) today announced financial results for the first quarter of fiscal 2017, which ended 30 November 2016.

Executive Vice Chairman and CEO Stefano Pessina said, “Overall we are pleased with the progress this quarter, with results in line with our expectations. We continue to anticipate that growth in the second half of fiscal 2017 will reflect the new strategic pharmacy partnerships we announced last year. As a result, we have raised the lower end of our fiscal year guidance by 5 cents per share. In addition, we continue to work toward closing the pending acquisition of Rite Aid Corporation in the early part of this calendar year.”

Overview of First Quarter Results

Fiscal 2017 first quarter net earnings attributable to Walgreens Boots Alliance determined in accordance with GAAP decreased 5.0 percent to $1.1 billion compared with the same quarter a year ago, while GAAP diluted net earnings per share decreased 4.0 percent to $0.97 compared with the same quarter a year ago. The decreases in GAAP net earnings and GAAP net earnings per share primarily reflect a lower impact of UK tax rate reductions.

Adjusted fiscal 2017 first quarter net earnings attributable to Walgreens Boots Alliance1 increased 6.1 percent to $1.2 billion, up 8.2 percent on a constant currency basis, compared with the same quarter a year ago. Adjusted diluted net earnings per share for the quarter increased 6.8 percent to $1.10, up 9.7 percent on a constant currency basis, compared with the same quarter a year ago.

Sales in the first quarter were $28.5 billion, a decrease of 1.8 percent from the year-ago quarter, and an increase of 1.1 percent on a constant currency basis.

GAAP operating income in the first quarter was $1.4 billion, a decrease of 1.4 percent from the same quarter a year ago. Adjusted operating income in the first quarter was $1.7 billion, an increase of 0.4 percent from the same quarter a year ago, and an increase of 2.8 percent on a constant currency basis.

GAAP net cash provided by operating activities was $525 million and free cash flow was $147 million in the first quarter.

Rite Aid Acquisition

Walgreens Boots Alliance is actively engaged in discussions with the Federal Trade Commission (FTC) regarding its pending acquisition of Rite Aid Corporation, which was announced 27 October 2015. The company is working toward a close of the acquisition in the early part of this calendar year. The transaction is subject to the expiration or termination of applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and other customary closing conditions.

As announced 20 December 2016, Walgreens Boots Alliance and Rite Aid have entered into an agreement to sell 865 Rite Aid stores and certain assets related to store operations to Fred’s, Inc. for $950 million in an all-cash transaction. The divestiture transaction is subject to FTC approval, the approval and completion of the pending acquisition of Rite Aid by Walgreens Boots Alliance and other customary closing conditions.

Taking into account the expected divestitures, Walgreens Boots Alliance continues to expect that the acquisition will be accretive to its adjusted diluted net earnings per share in the first full year after closing of the transaction. The company also continues to expect that it will realize synergies from the acquisition in excess of $1 billion, to be fully realized within three to four years of closing of the merger. These synergies have been updated where practicable and, as previously disclosed, are expected to be derived primarily from procurement, cost savings and other operational matters.

Company Outlook

The company raised the lower end of its guidance for fiscal year 2017 by 5 cents per share and now anticipates adjusted diluted net earnings per share of $4.90 to $5.20.

This guidance assumes accretion of $0.05 to $0.12 from Rite Aid and is based on the above disclosure regarding expected store divestitures and timing of closing. Additionally, this guidance assumes current exchange rates for the rest of the fiscal year and continuation of its normal anti-dilutive share buyback program.

For more information: Seeking Alpha

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