Rite Aid (NYSE:RAD) stock is running higher Thursday morning after the company revealed its earnings report for the fiscal first quarter of 2023.
The good news for RAD stock starts off with adjusted earnings per share (EPS) of -60 cents. That’s a narrower loss than the -70 cents per share that Wall Street was expecting. Even if it’s a negative switch from the 38 cents per share reported in fiscal Q1 2022.
In addition to that, Rite Aid’s revenue of $6.01 billion is another win for RAD stock. It comes in well above the $5.73 billion that analysts were looking for this period. However, it is down from the $6.16 billion reported during the same time last year.
Rite Aid also updated its guidance for fiscal 2023 in this earnings report. This has it expecting adjusted EPS between -$1.19 and -66 cents on revenue ranging from $23.6 billion and $24 billion. To put that in perspective, Wall Street is estimating an adjusted EPS of -$1.41 on revenue of $22.91 billion for the fiscal year.
Heyward Donigan, president and CEO of Rite Aid, said this in the earnings report.
In the first quarter we increased our non-COVID prescriptions, reduced SG&A, built momentum at Elixir and delivered solid results across the business. The entire Rite Aid team looks forward to advancing our pharmacists’ role in improving health outcomes.
RAD stock is up 6.3% as of Thursday morning.
Investors seeking out the latest stock market news are in the right place!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
