Food and drug retailer Albertsons Companies, Inc. (ACI) reported Tuesday that net income for the second quarter grew to $342.7 million or $0.59 per Class A common share from $295.2 million or $0.52 per Class A common share in the prior-year quarter.
Excluding items, adjusted net income was $0.72 per Class A common share, compared to $0.64 per Class A common share in the year-ago quarter.
Net sales and other revenue increased to $17.92 billion from $16.51 billion in the same quarter last year, primarily driven by the Company's 7.4% increase in identical sales and higher fuel sales.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.65 per share on net sales of $17.72 billion for the quarter. Analysts' estimates typically exclude special items.
As part of the agreed merger with Kroger, the Company will pay a special cash dividend of up to $4 billion to its stockholders. The cash component of the $34.10 per share consideration will be reduced by the per share amount of the special cash dividend, which is expected to be approximately $6.85 per share. This cash dividend will be payable on November 7, 2022, to stockholders of record as of the close of business on October 24, 2022.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
For comments and feedback contact: editorial@rttnews.com
Business News