Rite Aid (NYSE:RAD) had a great Wednesday marked by solid gains as the pharmacy chain posted its latest quarterly earnings results, posting revenue that beat analysts’ expectations.
The retail giant said that for its first quarter of fiscal 2019, it brought in net income of roughly $214.4 million, marking an improvement over its loss from the year-ago period. The company said that it raked in a profit of about 20 cents per share for the period, or a loss of about a penny per share on an adjusted basis.
Rite Aid’s adjusted loss was in line with the Wall Street consensus estimate of a penny per share. The company also posted revenue of $5.39 billion for its first quarter of the current fiscal year, topping the $5.32 billion that analysts were projecting in their consensus guidance.
The company sees its full-year earnings as being in the range of 2 cents to 6 cents per share, while revenue will be in the range of $21.7 billion to $22.1 billion. Rite Aid also announced that it will sell the first pharmaceutical drug created with the cannabis plant in order to help those who suffer from a variety of health conditions such as pain and seizures.
RAD stock was up about 0.8% during regular trading hours ahead of the company’s quarterly earnings results and then gained more than 2.5% after the bell as the company reported strong results.
