Albertsons Cos. Q2 Results Top Estimates

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.

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