Rite Aid (NYSE:RAD) earnings for the second quarter of fiscal year 2021 have RAD stock ticking lower on Thursday. This comes after the company reported an adjusted earnings per share (EPS) of 25 cents, which beat out Wall Street’s flat estimate. Also, Rite Aid’s reported revenue of $5.98 billion is above analysts’ estimate of $5.74 billion for the quarter.
Moreover, the company reported GAAP losses per share of 25 cents for the period.
Now, let’s take a closer look at the most recent Rite Aid earnings report.
- Adjusted EPS is much better than EPS of 12 cents during the same time last year.
- Revenue comes in 11.4% higher than the $5.37 billion from the second quarter of 2019.
- The Rite Aid earnings report also includes a net loss of $13.2 million.
- That’s a 83.2% improvement from a loss of $78.7 million in the same period of the year prior.
Heyward Donigan, president and chief executive officer of Rite Aid, said this in the earnings report:
“We are pleased with our second quarter performance as we delivered another quarter of strong results while making solid progress on our bold, new RxEvolution strategy. Our retail pharmacists and associates have always been deeply committed to our communities, and they are doing a great job protecting our customers during a global pandemic. Thanks to them, Rite Aid continues to gain retail market share and increase both same store prescription count and front-end sales.”
Rite Aid does include some guidance for the rest of FY2021. This includes the company expecting revenue between $23.5 billion and $24 billion, and adjusted per-share figures between a loss of 67 cents and EPS of 9 cents.
Meanwhile, we know what Wall Street is looking for over the same period. Analysts are calling for EPS of 38 cents on revenue of $23.47 billion.
RAD stock was down 17% as of Thursday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick is a web editor at InvestorPlace.
