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Walmart stock hit a record high in premarket trading on Tuesday.It came as a company Reports strong fourth quarter profits and announced Agreed to acquire TV maker Vizio.
Retail giant stocks It rose 3% early Tuesday morning to $176.24, above last week’s all-time high of $171.93.
Walmart announced Tuesday morning that it would acquire Vizio for $11.50 per share in a deal valued at about $2.3 billion. Vizio stock rises 15% Following this news, shares rose to $10.98 per share.
“There is a lot to be excited about with this acquisition,” Seth Dallaire, Walmart’s U.S. vice president and chief revenue officer, said in a statement.
Walmart said the partnership will allow it to serve customers in new ways, including “innovative television, in-home entertainment and media experiences.” The acquisition will also create new opportunities for advertisers.
Walmart’s fourth quarter by the numbers
Walmart also announced Strong fourth quarter exceeds Wall Street expectations.
The company’s net profit decreased 12% to $5.5 billion In the three months ended January 31, that was up from $6.2 billion in the same period last year.
However, Walmart’s fourth-quarter net sales rose 5.7% year-over-year to $173 billion from $164 billion. Sales at U.S. Walmart stores alone rose 3.4% to $117 billion. Sales at Sam’s Club, Walmart’s membership warehouse chain, rose 2% to nearly $22 billion.
Walmart’s earnings per share came to $1.80, beating Wall Street expectations. $1.64, That’s according to consensus estimates from analysts surveyed by FactSet.
The company also increased its annual stock dividend by 9%, the highest in more than a decade. John David Rainey, Walmart’s chief financial officer, said of the increase:It shows our confidence in our growth potential and cash flow.”
The company expects sales to increase 4% to 5% in the first quarter of fiscal 2025.
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