Albertsons Cos. Q3 Results Top Estimates

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(RTTNews) - Food and drug retailer Albertsons Companies, Inc. (ACI), which has agreed to a merger with Kroger, reported Tuesday that profit for the third quarter plunged from last year, hurt by a special dividend payment related to the Kroger. However, both adjusted earnings per share and quarterly revenues topped analysts' estimates.

"Our investments in digital transformation, differentiation in Own Brands and Fresh offerings, and the modernization of our operational capabilities contributed to these results," said Vivek Sankaran, CEO.

For the third quarter, net income plunged to $375.5 million or $0.20 per Class A common share from $424.5 million or $0.74 per Class A common share in the prior-year quarter.

Results for the latest quarter included a $0.45 per share reduction related to the Special Dividend that is attributable to holders of convertible preferred stock on an as-converted basis.

Excluding items, adjusted net income was $0.87 per Class A common share, compared to $0.79 per Class A common share in the year-ago quarter.

On average, 16 analysts polled by Thomson Reuters expected the company to report earnings of $0.67 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales and other revenue increased to $18.15 billion from $16.73 billion in the same quarter last year, primarily driven by a 7.9 percent increase in identical sales and higher fuel sales. Analysts expected revenues of $17.64 billion for the quarter.

Other expense, net was $1.7 million during the third quarter of fiscal 2022, compared to other income, net of $38.3 million during the third quarter of fiscal 2021.

Income tax expense for the quarter increased to $120.9 million from $98.4 million in the year-ago quarter.

Looking ahead, the company said its ongoing productivity engine is expected to continue to support its investments and partially offset anticipated inflationary cost increases, declines in COVID-19 vaccination and at-home test kit revenue, and macro-consumer headwinds.

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