News Summary: Walgreen 3Q profit jumps 16 pct

News Summary: Walgreen reports 16 percent jump in fiscal 3Q profit, but misses estimates

Associated Press

THE RESULTS: Drugstore chain Walgreen Co. said Tuesday its fiscal third quarter earnings jumped 16 percent compared to last year's quarter, when a business split had hurt its performance.

THE PARTICULARS: Walgreen earned $624 million, or 65 cents per share, in the quarter that ended in May. That's up from $537 million, or 62 cents per share, a year ago. Revenue rose about 3 percent to $18.31 billion. Adjusted earnings amounted to 85 cents per share, excluding expenses such as acquisition and legal costs.

EXPECTATIONS: Analysts surveyed by FactSet forecast earnings of 91 cents per share on $18.4 billion in revenue.

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