Kroger Boosts Forecast as Q3 Profit and Revenue Beat View (KR)

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Supermarket chain operator The Kroger Co. ( KR ) on Thursday posted better-than-expected third quarter earnings results and lifted its full-year outlook.

The Cincinnati-based company reported third quarter net income of $316.5 million, or 60 cents per share, compared with $195.9 million, or 33 cents per share, in the year-ago period. Excluding one-time gains, adjusted profit was 46 cents per share.

Revenue rose almost 6% from last year to $21.81 billion.

On average, Wall Street analysts expected a smaller profit of 43 cents per share, on lower revenue of $21.59 billion.

Looking ahead, KR boosted its full-year earnings outlook to a range of $2.44 to $2.46 per share, up from a prior view of $2.35 to $2.42. Analysts are currently looking for $2.35 to $2.42 per share for the year.

Kroger shares rose $1.22, or +4.9%, in premarket trading Thursday.

The Bottom Line
Shares of Kroger ( KR ) have a 2.39% dividend yield, based on last night's closing stock price of $25.06. The stock has technical support in the $22-$23 price area. If the shares can firm up, we see overhead resistance around the $28 price level.

The Kroger Co. ( KR ) is not recommended at this time, holding a DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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