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Walgreen Co. Reports Fiscal 2013 Third Quarter Results

Net earnings for the first nine months of fiscal 2013 ended May 31 determined in accordance with GAAP were $1.79 billion, an increase of 1.1 percent compared with $1.77 billion in the first nine months of fiscal 2012. Net earnings per diluted share for the first nine months of fiscal 2013 decreased 7.4 percent to $1.88, compared with $2.03 per diluted share in the first nine months of fiscal 2012.

Adjusted net earnings for the first nine months of fiscal 2013 ended May 31 were $2.28 billion, an increase of 13.2 percent compared with adjusted net earnings of $2.01 billion in the first nine months of fiscal 2012. Adjusted net earnings per diluted share for the first nine months of fiscal 2013 increased 3.5 percent to $2.39, compared with $2.31 per diluted share in the first nine months of fiscal 2012. This year’s adjusted nine-month results exclude the negative impacts of 19 cents per diluted share in acquisition related amortization, 16 cents per diluted share from the LIFO provision, 9 cents per diluted share in Alliance Boots related tax, 5 cents per diluted share in other acquisition related costs, 5 cents per diluted share related to a legal settlement with the DEA and 3 cents per diluted share in costs related to Hurricane Sandy. Also excluded is the positive impact of 5 cents per diluted share in fair value adjustments and amortization related to the company’s warrants to purchase AmerisourceBergen’s common stock and 1 cent per diluted share in additional proceeds from the 2011 sale of the company’s pharmacy benefit manager business.

Walgreens joint synergy program with its strategic partner, Alliance Boots, is on track to deliver combined first-year synergies of $125-$150 million, compared with the company’s previous target of $100-$150 million. Alliance Boots contributed 10 cents per diluted share to Walgreens third quarter adjusted results, including a negative impact of 2 cents per diluted share due to reconciliation of International Financial Reporting Standards (IFRS) with GAAP. Alliance Boots is anticipated to contribute 8 cents per diluted share to fourth quarter adjusted results, including a negative impact of 1 cent per diluted share from weakening in the British pound between February and May.

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