Rite Aid Earnings: RAD Stock Climbs 22% Higher on Q1 Beats

Rite Aid (NYSE:RAD) earnings for fiscal first quarter of 2021 have RAD stock cruising higher on Thursday. That’s thanks to its adjusted losses per share of 4 cents, which is much better Wall Street’s estimate of a 38-cent loss. Plus, the drugstore company’s revenue of $6.03 billion is also better than analysts’ estimates of $5.61 billion.

Rite Aid Earnings: RAD Stock Climbs 19% Higher on Q1 Beats

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Furthermore, the company reported GAAP losses per share of $1.36 during the period.

Here’s are some additional highlights from the most recent Rite Aid earnings report.

  • Adjusted per-share losses are 71.4% better than the 14 cents from the same time last year.
  • Revenue comes in 12.3% higher than $5.37 billion reported in the fiscal fourth quarter of 2019.
  • The Rite Aid earnings report also includes a net loss of $72.7 million.
  • That’s 26.8% better than a loss of $99.3 million reported in the same period of the year prior.

Heyward Donigan, president and CEO of Rite Aid, said this about the RAD stock earnings report:

“I couldn’t be more proud of how our teams have worked tirelessly to support and care for our communities during these unprecedented times, while continuing to push forward in achieving our vision for the future. Our Retail Pharmacy teams responded to the COVID-19 crisis by taking immediate action to maintain our supply chain and stay in stock, enhance our digital experience, quickly implement safety measures, keep our stores open and provide outstanding service, all of which helped us drive double-digit front-end sales growth and gain retail market share. In the Pharmacy Services Segment, our full leadership team is now in place, and our team has made excellent progress in integrating the assets of EnvisionRxOptions, soon to be renamed Elixir, as we continue the integration with Rite Aid.”

The company also announced that it is pulling its fiscal 2021 guidance due to the effects of the novel coronavirus. That said, we know what Wall Street is expecting. Analysts estimates call for adjusted per-share losses of 73 cents on revenue of $22.52 billion.

RAD stock was up 22% as of Thursday afternoon.

Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/06/rite-aid-earnings-rad-stock-climbs-22-higher-on-q1-beats/.

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