Rite Aid tops 2Q earnings and revenue expectations

IndustriesAssociated Press

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.

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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.

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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

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Keywords: Rite Aid, Earnings Report