Rite Aid tops 1Q profit expectations, meets revenue forecasts

MarketsAssociated Press

Rite Aid Corp. (RAD) on Thursday reported fiscal first-quarter net income of $18.8 million.

The Camp Hill, Pennsylvania-based company said it had profit of 2 cents per share. Earnings, adjusted for costs related to mergers and acquisitions, were 4 cents per share.

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The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 2 cents per share.

The drugstore chain posted revenue of $6.65 billion in the period, which met Street forecasts.

Rite Aid expects full-year earnings to be 14 cents to 22 cents per share, with revenue in the range of $30.7 billion to $31.2 billion.

Rite Aid shares have risen 19 percent since the beginning of the year. The stock has increased 25 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on RAD at http://www.zacks.com/ap/RAD


Keywords: Rite Aid, Earnings Report