Drug store chain operator Walgreen Company (WAG) on Friday posted a sharp downturn in fiscal fourth quarter earnings, hurt by one-time items, although adjusted results easily beat Wall Street expectations.
The Deerfield, IL-based company reported fiscal fourth quarter net income of $353 million, or 39 cents per share, compared with $792 million, or 87 cents per share, in the year-ago period. Excluding special items, adjusted profit was 63 cents per share.
Revenue fell 5% from last year to $17.07 billion.
On average, Wall Street analysts expected a smaller profit of 55 cents per share, on nearly matching profit of $17.08 billion.
Walgreen shares were inactive in premarket trading Friday.
The Bottom Line
Shares of Walgreen (WAG) have a 3.01% dividend yield, based on last night’s closing stock price of $36.60. The stock has technical support in the $32 price area. If the shares can firm up, we see overhead resistance around the $36-$38 price levels.
Walgreen Company (WAG) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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