Rite Aid (NYSE:RAD) earnings for the second quarter of fiscal 2020 have RAD stock taking off on Thursday. This is due to the company’s adjusted diluted earnings per share of 12 cents. That blows past Wall Street’s estimate of 7 cents for the quarter. Revenue comes in at $5.37 billion, which is below analysts’ estimate of $5.41 billion, but wasn’t dragging RAD stock down.
Here are some more highlights from the Rite Aid earnings report.
- EPS for the period was up 180% from its per-share loss of -15 cents in the second quarter of fiscal 2019.
- Revenue reported during the quarter was down roughly 1% YoY.
- A loss of -$51.08 million from continuing operations for the quarter was a about 89% better than the -$458.91 million reported during the same time last year.
- The Rite Aid earnings report also has net loss for the quarter coming in at -$79.28 million.
- That’s about a 77% improvement over its net loss of -$359.14 million from the same period of the year prior.
The most recent Rite Aid earnings report also includes a guidance update for fiscal 2020. This has the company expecting earnings per share to range from flat to 56 cents. Wall Street is looking for a per-share loss of 2 cents for the year. The outlook also has RAD expecting fiscal 2020 revenue between $21.50 billion and $21.90 billion. For comparison, the consensus among analysts is revenue of $21.61 billion for the fiscal year.
RAD stock was up 5% as of Thursday afternoon. However, the stock is down 50% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.