Drugstore chain Walgreen Co. (WAG) reported fourth fiscal quarter 2013 earnings on Oct. 1 that were mostly in line with analyst estimates, who had correctly surmised the company would continue experiencing healthy growth.
The earnings call also included the chain’s year-end figures, which saw a slight uptick in revenue but increased profits. In their report, Walgreen cited a 19.1 market share in prescription sales, or .4 percent increase, as a highlight of the year. In the latest quarter, prescriptions made up 63.9 percent of the company’s revenue.
Last year, Walgreen acquired Swiss-based multinational pharmacy Alliance Boots for $4 billion in cash plus stock. The Alliance Boots acquisition contributed $154 million in equity earnings to Walgreen’s coffers this quarter. This beat Walgreen’s own expectations of $120-$150 million stemming from that investment.
For their fiscal fourth quarter 2013 earnings report, Walgreen reported a net profit of $702 million, or $0.73 per share, versus the net profit of $553 million, or $0.63 per share, from the same period a year ago. Revenue for the quarter was $17.9 billion, as compared to $17.1 billion from the previous year. Analysts were expecting a profit of $0.72 per share on revenues of $17.96 billion.
While analysts had expected the Deerfield, Ill. chain to perform well, the net profit and revenue increases are still impressive, and the market responded enthusiastically.
Walgreen rose 4.28 percent during the day to hit $56.10 a share.
(image courtesy of Wikimedia Commons)
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