BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Kroger Q1 2024 Results: Solid Performance and Positive Outlook
Kroger Co. (NYSE: KR) has released its first-quarter 2024 results, showcasing strong performance and reaffirming its guidance for the year. The company reported total sales of $45.3 billion, slightly up from $45.2 billion the previous year. Notably, identical sales without fuel increased by 0.5%.
First Quarter Highlights:
- Operating Profit: $1.294 billion, with an EPS of $1.29.
- Adjusted FIFO Operating Profit: $1.499 billion, and adjusted EPS of $1.43.
- Digital Sales Growth: More than 8%, with significant growth in Delivery and Pickup.
- Customer Engagement: Increased total households, loyal households, and customer visits.
CEO Rodney McMullen's Comments:
Rodney McMullen, Kroger's Chairman and CEO, praised the company's start to 2024, attributing the success to the grocery business's better-than-expected performance. He emphasized Kroger's commitment to providing value through affordable prices and personalized promotions, which has resulted in increased customer visits and growing households. McMullen also highlighted the company's long-term investments in strengthening and diversifying its model, enabling Kroger to manage economic cycles effectively.
Financial Results Comparison:
- ID Sales: Increased by 0.5% in Q1 2024, compared to 3.5% in Q1 2023.
- Earnings Per Share: $1.29 in Q1 2024, down slightly from $1.32 in Q1 2023.
- Adjusted EPS: $1.43 in Q1 2024, compared to $1.51 in Q1 2023.
- Operating Profit: $1.294 billion in Q1 2024, down from $1.470 billion in Q1 2023.
- Adjusted FIFO Operating Profit: $1.499 billion, down from $1.669 billion in Q1 2023.
Capital Allocation and Debt Management:
Kroger remains committed to generating strong free cash flow and investing in long-term growth. The company plans to maintain its investment-grade debt rating and continue paying quarterly dividends, with expectations of gradual increases. Kroger has paused its share repurchase program to prioritize de-leveraging following the proposed merger with Albertsons. The net total debt to adjusted EBITDA ratio stands at 1.25, down from 1.34 a year ago.
Full-Year 2024 Guidance:
Kroger has reaffirmed its guidance for fiscal 2024:
- Identical Sales Growth: 0.25% to 1.75% without fuel.
- Adjusted FIFO Operating Profit: $4.6 to $4.8 billion.
- Adjusted EPS: $4.30 to $4.50 per diluted share.
- Adjusted Free Cash Flow: $2.5 to $2.7 billion.
- Capital Expenditures: $3.4 to $3.6 billion.
- Adjusted Effective Tax Rate: 23%.
Market Reaction:
In response to these results, Kroger's stock price has risen by 4.04% in premarket trading.
Kroger's strategic focus on delivering value to customers and investing in digital growth positions it well for sustainable long-term growth, benefiting both customers and shareholders.
Source: Kroger
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