Albertsons Lifts FY24 Earnings Forecast In Line Or Above Market After Q3 Beats View - Update

(RTTNews) - Food and drug retailer Albertsons Companies, Inc. (ACI), while reporting higher third-quarter results, on Wednesday lifted its earnings forecast for fiscal 2024 in line or above market estimates, but trimmed Identical sales growth view.

In pre-market activity on the NYSE, the shares were gaining around 1.5 percent to trade at $20.01.

For fiscal 2024, the company updated its outlook, now expecting adjusted net income per Class A common share in the range of $2.25 to $2.31 per share, compared to previously expected $2.20 to $2.30 per share.

Analysts on average expect the company to earn $2.25 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Adjusted EBITDA would be in the range of $3.95 billion to $3.99 billion, higher than previous estimate of $3.90 billion to $3.98 billion.

Identical sales growth is now projected in the range of 1.8 percent to 2.0 percent, while previous outlook was a growth of 1.8 percent to 2.2 percent.

In its third quarter, Albertsons' profit increased from the same period last year and beat the Street estimates.

The company's earnings totaled $400.6 million, or $0.69 per share. This compares with $361.4 million, or $0.62 per share, in last year's third quarter.

Adjusted earnings were $420.3 million or $0.71 per share for the period. Analysts had expected the company to earn $0.65 per share.

The company's revenue for the quarter rose 1.1 percent to $18.77 billion from $18.56 billion last year.

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