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The Key Takeaways
- Albertsons is set to report fiscal 2024 third-quarter results Wednesday morning, its first report since the grocery chain's proposed merger with Kroger fell apart last month after months of legal challenges.
- Visible Alpha tracks all analysts who cover Albertsons. All of them expect the share price to increase in the months ahead. Analysts expect that Q3 revenues will have increased year over year, but profits to be down.
- Last month, the grocery chains announced their intention to merge and now accuse each other of breaching the merger agreement.
Albertsons is scheduled to release its fiscal 2024 third quarter results on Wednesday, the first time since it announced that Kroger’s (KR) proposed merger with Albertsons (ACI), which fell through last month following months of legal challenges.
Three of the seven Albertsons analysts tracked by Visible alpha have worked at Visible alpha. “buy” The ratings are four. “hold” ratings. Ratings.
Visible Alpha predicts that Albertsons’ revenue will be $18.81 Billion for the first quarter of this year. That is an increase from $18.56 Billion in last years. Analysts are also expecting $318.1m or $0.54 a share for net income. This is down from $361.4m or $0.62 a share.
First report since Kroger Merger Canceled
Albertsons will release its first annual report after the cancellation of its merger worth nearly $25 billion with Kroger last month. Federal judge sides with Federal Trade Commission to block the merger. This is because the FTC argues that this would result in less competition for the grocery market, which will lead to higher prices and lower wage growth.
They then ended their merger and started a fresh legal fight. Albertsons, claiming that Kroger had not done enough to satisfy regulators and sought billions of dollars in damages, sued Kroger. It has been confirmed that Kroger is to blame. “looks forward to responding to these baseless claims in court,” Albertsons is accused by the company of having violated their merger agreement.
Albertsons CEO Vivek Sakaran stated last month the company will have a new buyback program. Both companies had halted their stock-buyback programs while they tried to get approval for the merger. “additional details” On its Future Plans “no later than” Call to Earnings on Wednesday
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