Rite Aid tops 2Q earnings and revenue expectations
Rite Aid Corp. (RAD) on Thursday reported fiscal second-quarter net income of $21.5 million.
On a per-share basis, the Camp Hill, Pennsylvania-based company said it had net income of 2 cents. Earnings, adjusted to extinguish debt, were 4 cents per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 3 cents per share.
The drugstore chain posted revenue of $7.66 billion in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $7.6 billion.
Rite Aid expects full-year earnings to be 12 cents to 19 cents per share, with revenue in the range of $30.8 billion to $31.1 billion.
Rite Aid shares have risen 14 percent since the beginning of the year. The stock has increased 34 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