Walgreens Plunges 10% on Amazon Worries, Accenture Lifts Outlook

Mukesh Buch
28 Jun, 2018
New York City

Accenture beats third-quarter earnings estimates. Bed Bath & Beyond net plunged. Lindsay net declined but revenues surged 12%.Walgreens profit jumped but stock tumbled after Amazon announced to acquire an online drug retail.

[R]12:35 PM New York City, New York – Accenture beats third-quarter earnings estimates. Bed Bath & Beyond net plunged. Lindsay net declined but revenues surged 12%.Walgreens profit jumped but stock tumbled after Amazon announced to acquire an online drug retail.[/R]

Tollbooth Index declined 219.59 or 1.5% to 14,913.83 but for the year-to-date soared 8.4%.

Earnings Review

Accenture Plc ((ACN)) soared 6.1% or $9.42 to $164.76 after the Ireland-focused consulting, technology and outsourcing services provider reported revenues in the third-quarter ending in May soared 16% from a year ago to $10.3 billion.

Net income in the quarter surged 10.1% to $1 billion or $1.60 per diluted share from $669.5 million or $1.05 in the same quarter last year.

Accenture said new bookings in the quarter were $11.7 billion with consulting bookings of $5.9 billion and outsourcing bookings of $5.8 billion.

Accenture lifted fiscal 2018 revenues growth forecast to between 9.5% and 10% from the earlier estimate of 7% to 9% and earnings per share forecast between $6.66 and $6.71 from the earlier estimate of $6.61 to $6.70.

Bed Bath & Beyond Inc ((BBBY)) declined 4% or 81 cents to $19.38 after the home furnishings retailer said net sales in the first-quarter ending on June 2 rose 0.2% from a year ago to $2.8 billion.

Comparable sales in the quarter decreased 0.6%.

Net income in the quarter plunged 42.1% to $43.6 million or 32 cents per diluted share from $75.3 million or 53 cents in the same quarter last year.

Lindsay Corporation ((LNN)) gained 1.1% or $1.05 to $95.41 after the irrigation systems maker stated revenues in the third-quarter ending in May surged 12% from a year ago to $169.6 million.

Net income in the quarter declined 5.5% to $10.4 million or 96 cents per diluted share from $11 million or $1.02 in the same quarter last year.

McKesson Corporation ((MCK)) plummeted 6.6% or $9.54 to $135.12 after the specialty drug and medical product distributor reaffirmed fiscal year ending March 2019 diluted earnings per share in the range of $13 to $13.80.

Worthington Industries Inc ((WOR)) plunged 7.9% or $3.64 to $42.52 after the diversified metals manufacturer said net sales in the fourth-quarter ending in May soared 21% from a year ago to $1 billion.

Net income in the quarter tumbled 46% to $30.8 million or 50 cents per diluted share from $56.5 million or 87 cents in the same quarter last year.

Walgreens Boots Alliance, Inc ((WBA)) slumped 9.8% or $6.49 to $59.78 after the drugstores retailer reported sales in the third-quarter ending in May advanced 14% from a year ago to $34.3 billion.

Net income in the quarter jumped 15.5% to $1.3 billion or $1.35 per diluted share from $1.2 billion or $1.07 in the same quarter last year.

The retailer raised the lower end of its fiscal 2018 earnings forecast by 5 cents per share and estimated diluted net earnings per share of $5.90 to $6.05.

The drugs retailer’s board of directors has authorized a $10 billion share buyback program and declared quarterly dividend of 44 cents per share, an increase of 10%.