Albertsons Companies, Inc. (ACI), a prominent food and drug retailer, reported increased earnings for the third quarter and accordingly raised its earnings forecast for fiscal 2024, aligning with or surpassing market predictions. However, the company slightly lowered its outlook for Identical sales growth.
In pre-market trading on the NYSE, Albertsons shares increased by approximately 1.5%, reaching $20.01.
For fiscal 2024, Albertsons revised its earnings projection, now anticipating adjusted net income per Class A common share to fall between $2.25 and $2.31. This is an adjustment from the previous forecast of $2.20 to $2.30 per share. Analysts, based on data collated by Thomson Reuters, expect the earnings to average $2.25 per share, typically excluding special items.
The company also adjusted its projection for adjusted EBITDA, now anticipated to range between $3.95 billion and $3.99 billion, slightly higher than the previously estimated range of $3.90 billion to $3.98 billion.
Forecasted Identical sales growth has been modified to a range of 1.8% to 2.0%, a slight adjustment from the earlier range of 1.8% to 2.2%.
During the third quarter, Albertsons experienced a profit increase compared to the previous year and exceeded Wall Street's expectations. The company's earnings reached $400.6 million, equivalent to $0.69 per share, compared to $361.4 million, or $0.62 per share, in the prior year's third quarter.
The adjusted earnings totaled $420.3 million or $0.71 per share for the quarter, surpassing analysts’ expectation of $0.65 per share.
Albertsons’ quarterly revenue increased by 1.1%, rising to $18.77 billion from last year’s $18.56 billion.
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