Walmart Now Sees FY24 Adj. Earnings In Line Or Below Market View; Stock Down In Premarket - Update

(RTTNews) - Retail giant Walmart Inc. (WMT), while reporting a profit in its third quarter, compared to prior year's hefty loss, with strong revenue growth, on Thursday raised its fiscal 2024 adjusted earnings and sales growth outlook again. Adjusted earnings for the year are now expected to be in line or below market estimates.

In pre-market activity on the NYSE, Walmart shares were losing around 4.3 percent to trade at $162.42.

For fiscal 2024, the company now projects adjusted earnings in a range of $6.40 to $6.48 per share, on consolidated constant currency net sales growth of about 5 to 5.5 percent.

The company previously projected adjusted earnings in a range of $6.36 to $6.46 per share, on consolidated constant currency net sales growth of about 4.0 to 4.5 percent.

Analysts on average expect the company to report earnings of $6.48 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

For the third quarter, consolidated net income attributable was $453 million, compared to last year's loss of $1.80 billion. Earnings per share were $0.17, compared to loss of $0.66 per share last year.

Adjusted earnings per share were $1.53, compared to $1.50 a year ago.

Analysts expected the company to report earnings of $1.52 per share.

Total revenues grew 5.2 percent to $160.80 billion from last year's $152.81 billion. The revenue growth was 4.3% in constant currency. Net sales went up 5.3 percent to $159.44 billion from $151.47 billion a year ago.

The Street was looking for revenues of $159.72 billion for the quarter.

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