Albertsons’ net income jumps to £90.63 million in the fiscal third quarter

Albertsons Cos. Inc. (NYSE: ACI) reported its financial results for the fiscal third quarter on Tuesday that topped analysts’ estimates for earnings and revenue despite the ongoing Coronavirus pandemic that has so far infected more than 23 million people in the United States and caused over 386 thousand deaths. 

Albertsons also raised its guidance for the full year on Tuesday. In separate news from the United States, online insurance provider, Lemonade Inc, announced a secondary stock offering on Monday. 

Albertsons’ plummeted to as low as £9.57 per share in September 2020. In comparison, the stock is now trading at a per-share price of £12.49. The price action should come in handy if you are interested in investing in the stock market. 

Albertsons’ Q3 financial results versus analysts’ estimates

Albertsons’ said that its net income in the third quarter printed at £90.63 million that translates to 14.65 pence per share. In the same quarter last year, its net income was capped at a much lower £40.15 million or 6.59 pence per share. 

In the prior quarter (Q2), Albertsons had registered £208.44 million of net income. 

On an adjusted basis, the American grocery company earned 48.36 pence per share in the recent quarter. In terms of sales, Albertsons’ reported £11.29 billion in Q3 versus the year-ago figure of £10.33 billion. 

According to FactSet, experts had forecast the company to post £11.02 billion of sales in the third quarter. Their estimate for per-share earnings was capped at a lower 25.64 pence. 

Identical sales growth, as per the Boise-based company saw an annualised growth of 12.3% in the recent quarter versus the experts’ forecast of 10.5%.

Albertsons’ guidance for the full financial year

For fiscal 2020, Albertsons now forecasts a 16.5% year over year growth in identical sales. The NYSE-listed company expects its per-share earnings on an adjusted basis to fall in the range of £2.23 to £2.31. 

In its previous estimate, Albertsons had expected a 15.5% growth in identical sales and up to £2.09 of adjusted earnings per share. The FactSet Consensus for the company’s annual adjusted EPS currently stands at £2.08. Analysts are calling for an annualised growth of 15.5% in full-year identical sales. 

Albertsons listed on the New York Stock Exchange in the last week of June 2020 at a per-share price of £11.32. At the time of writing, the U.S. company is valued at £5.8 billion.