Harris Teeter Misses on the Bottom Line

As it awaits the closing of its acquisition by Kroger, regional supermarket chain Harris Teeter reported fiscal 2013 fourth-quarter results today after the markets closed, showing that it posted net revenues of $1.193 billion, a 4.4% increase from the same period in the previous year, but just shy of the $1.195 billion Capital IQ consensus estimate.

While adjusted net income came in at $21.1 million, or $0.43 per share, down slightly from $22.8 million, or $0.48 per share, in the same period in 2012, it was well short of the CapIQ estimates of $0.57 per share.

Harris Teeter said the pending merger took a toll on its earnings, reducing net earnings by $5.9 million, or $0.12 per diluted share.

The supermarket chain didn't provide guidance for the coming quarter, but analysts anticipate Harris Teeter will post earnings of $0.56 per share in the fourth quarter on revenues of $1.242 billion. Its stock closed down $0.01 today at $49.32. The merger with Kroger is expected to close sometime in calendar fourth quarter of 2013. 

The article Harris Teeter Misses on the Bottom Line originally appeared on Fool.com.

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