Mackenzie Tatananni
Walgreens stock rose on Tuesday as an earnings beat lifted shares of the pharmacy chain, which is set to go private sometime in the calendar fourth quarter.
Walgreens posted adjusted earnings of 63 cents a share for the quarter ended Feb. 28, topping analysts' calls for 53 cents, according to FactSet. A loss of $2.853 billion in the quarter was narrower than the $5.908 billion loss recorded a year ago.
Quarterly sales climbed to $38.588 billion, up from $37.052 billion in the previous year and above the $37.971 billion Wall Street anticipated. The strong fiscal-second-quarter print gave shares a boost on Tuesday, with Walgreens stock rising 1.5% to $10.88 as the S&P 500 gained 3.7%.
Last month, Walgreens confirmed that it had struck an agreement with private-equity firm Sycamore Partners to be taken private. The company consequently withdrew its fiscal 2025 guidance, citing the buyout deal.
After nearly a century as a public company, the beleaguered retailer will be taken off the market as it faces billions of dollars of debt as well as opioid liabilities. The deal is valued at $23.7 billion, and the cash portion represents $10 billion of that.
Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com
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(END) Dow Jones Newswires
April 08, 2025 10:23 ET (14:23 GMT)
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