Royal Ahold Delhaize Raises Cash Flow Guidance, Says It Will Buy Back Shares
November 08 2023 - 2:34AM
Dow Jones News
By Michael Susin
Royal Ahold Delhaize raised its full-year guidance, despite
reporting a worse-than-expected fall in third-quarter net profit,
and outlined a share buyback program.
The Dutch grocer on Wednesday said that it expects free cash
flow for 2023 to be in the range of 2.2 billion euros to 2.4
billion euros ($2.35 billion to $2.57 billion), compared with
previous target range of between EUR2.0 billion and EUR2.2
billion.
The company reported a net profit for the quarter of EUR394
million, compared with EUR589 million reported the same period a
year ago and a company-provided consensus estimate of EUR590
million.
Net sales came in at EUR21.93 billion from EUR22.41 billion the
prior year. This compares with the company-compiled consensus of
EUR21.95 billion.
Ahold Delhaize outlined a EUR1 billion share buyback program,
scheduled to start at the beginning of 2024.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
November 08, 2023 02:19 ET (07:19 GMT)
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