Rite Aid earnings for its fiscal fourth quarter of 2019 have RAD stock falling hard on Thursday.
Rite Aid (NYSE:RAD) reported losses per share of one penny for its fiscal fourth quarter of the year. This is the same as the company’s losses per share from its fiscal fourth quarter of 2018. It also comes in above Wall Street’s losses per share estimate of 2 cents for the period, but wasn’t saving RAD stock from dropping today.
Net loss reported in the Rite Aid earnings release for its fiscal fourth quarter of 2019 comes in at $272.98 million. This is worse off than the company’s net income of $767.07 million reported in the same period of the year prior.
Rite Aid earnings for its fiscal fourth quarter of 2019 also include revenue of $5.38 billion. This is a slight drop from the company’s revenue of $5.39 billion reported in its fiscal fourth quarter of the previous year. It was also bad news for RAD stock by missing analysts’ revenue estimate of $5.56 billion for the quarter.
The Rite Aid earnings report for its fiscal fourth quarter of the year also includes an update to its reverse stock split plan. The company says that this will have is consolidating stock on a one to 20 basis. This will take the total amount of outstanding shares of RAD stock down from 1.08 billion to 54 million. The change will go into effect on April 22, 2019.
RAD stock was down 10% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.