By Michael Susin
AMSTERDAM (Dow Jones)–The food company Royal Ahold Delhaize is increasing its cash flow forecast for the full year despite an unexpectedly large decline in profits in the third quarter. The Dutch also announced a share buyback program.
Royal Ahold Delhaize now expects free cash flow of between 2.2 and 2.4 billion euros for 2023 instead of the previous 2.0 to 2.2 billion euros.
For the quarter, the company reported a net profit of 394 million euros, after 589 million in the same period last year. According to a consensus estimate provided by Ahold Delhaize, analysts had on average expected a stable profit of 590 million euros. Net sales fell from 22.41 billion euros to 21.93 billion euros.
Ahold Delhaize announced a €1 billion share buyback program scheduled to begin in early 2024.
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DJG/DJN/cbr/sha
(END) Dow Jones Newswires
November 08, 2023 06:52 ET (11:52 GMT)
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