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.Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.