Walgreens 4Q net income drops, but still tops expectations
Associated Press September 28, 2012 8:02AM
Updated: September 28, 2012 11:32AM
Walgreens says its fiscal fourth quarter net income tumbled 55 percent compared to a year ago when the drugstore operator recorded a big gain from a business sale. Its adjusted earnings still trumped Wall Street expectations.
The nation’s largest drugstore chain says it earned $353 million, or 39 cents per share, in this year’s quarter. That’s down from $792 million, or 87 cents per share, a year ago.
Excluding one-time items, Walgreens says it earned 63 cents per share. Analysts surveyed by FactSet forecast adjusted earnings of 55 cents per share.
Walgreens recorded a $434 million gain last year from the sale of its pharmacy benefits management business.
The Deerfield-based company had said earlier this month its revenue fell 5 percent to about $17 billion.