Walgreens Boots Alliance Reports Fiscal 2018 First Quarter Results

First quarter highlights
•GAAP diluted net earnings per share were $0.81, down 16.5 percent from the year-ago quarter mainly due to impairment of the company’s equity method investment in Guangzhou Pharmaceuticals Corporation; Adjusted diluted net earnings per share were $1.28, an increase of 16.4 percent, up 15.5 percent on a constant currency basis
•GAAP net earnings attributable to Walgreens Boots Alliance decrease 22.1 percent, to $821 million; Adjusted net earnings attributable to Walgreens Boots Alliance increase 7.8 percent to $1.3 billion, up 7.2 percent on a constant currency basis
•Sales increase 7.9 percent to $30.7 billion, an increase of 7.2 percent on a constant currency basis
•GAAP operating income decreases 8.6 percent to $1.3 billion due to a loss from the company’s equity earnings in AmerisourceBergen; Adjusted operating income increases 4.8 percent to $1.8 billion, up 4.4 percent on a constant currency basis
•GAAP net cash provided by operating activities was $961 million; Free cash flow was $583 million

Walgreens Boots Alliance, Inc. (Nasdaq: WBA) today announced financial results for the first quarter of fiscal 2018 which ended 30 November 2017.

Executive Vice Chairman and CEO Stefano Pessina said, “I am pleased that we delivered another strong performance in the first quarter, led by continued prescription volume and market share growth in Retail Pharmacy USA. At the same time, we continue to position our company for future growth with the acquisition of the first Rite Aid stores following regulatory clearance for the transaction in September. Since the end of the quarter, we announced an agreement to acquire 40 percent of Sinopharm Holding Guoda Drugstores Co., Ltd., a leading retail pharmacy chain in China, where regulatory changes have allowed us to prioritize retail opportunities. We also have accepted an offer to sell part of our investment in our Chinese wholesale partner Guangzhou Pharmaceuticals Corporation for a substantial cash return.” Both transactions in China are subject to regulatory review and approval, and other customary closing conditions.

Overview of First Quarter Results
Fiscal 2018 first quarter net earnings attributable to Walgreens Boots Alliance determined in accordance with GAAP decreased 22.1 percent to $821 million compared with the same quarter a year ago, while GAAP diluted net earnings per share decreased 16.5 percent to $0.81 compared with the same quarter a year ago. The decreases in GAAP net earnings and GAAP net earnings per share were mainly due to impairment of the company’s equity method investment in Guangzhou Pharmaceuticals. In addition, these decreases reflect a loss from the company’s equity earnings in AmerisourceBergen and benefits from the UK tax rate reduction recorded in the same quarter a year ago.

Adjusted fiscal 2018 first quarter net earnings attributable to Walgreens Boots Alliance1 increased 7.8 percent to $1.3 billion, up 7.2 percent on a constant currency basis, compared with the same quarter a year ago. Adjusted diluted net earnings per share for the quarter increased 16.4 percent to $1.28, up 15.5 percent on a constant currency basis, compared with the same quarter a year ago.

Sales in the first quarter were $30.7 billion, an increase of 7.9 percent from the year-ago quarter, and an increase of 7.2 percent on a constant currency basis.

GAAP operating income in the first quarter was $1.3 billion, a decrease of 8.6 percent from the same quarter a year ago due to a loss from the company’s equity earnings in AmerisourceBergen, which primarily reflects the company’s share of the litigation accrual reported in AmerisourceBergen’s last quarter results. Adjusted operating income in the first quarter was $1.8 billion, an increase of 4.8 percent from the same quarter a year ago, and an increase of 4.4 percent on a constant currency basis.

GAAP net cash provided by operating activities was $961 million in the first quarter, and free cash flow was $583 million.

Share Repurchase Program
During the quarter, the company completed its $5 billion share repurchase program announced in June 2017 and the $1 billion expansion of that program announced in October 2017.
more detail at:  http://www.walgreensbootsalliance.com/newsroom/news/walgreens-boots-alliance-reports-fiscal-2018-first-quarter-results.htm

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