Stock of Rite Aid Rises above what analysts projected as Company Posts Q1 Revenue

On Wednesday, Rite Aid (NYSE:RAD) registered significant gains, with the Phamarcay chain posting results of its most recent quarterly earning revealing revenues higher than analysts had expected.

According to Rite Aid, it brought in roughly $214.4 million net income in its first quarter of fiscal 2019. That marked an improvement over what was a loss a year ago of the same period. The retail giant further however also revealed that it collected roughly 20 cents per share in a profit for the period. On an adjusted basis, this is a loss of about a penny for every share.

That adjusted loss, suffice to add, was consistent to Wall Street consensus estimate that stood at a penny for every given share.

Reporting of its revenue for the 1st quarter of this fiscal year, Rite Aid posted a massive $5.39 billion. That was more than the $5.32 billion analysts had projected in the consensus guidance. The company overall foresee sees its earnings for the full year to be between 2 cents and 6 cents per share, against a revenue in the range of between $21.7 billion and $22.1 billion.

The firm equally announced plans to sell the first pharmaceutical drug created with the cannabis plant so as to help people who are afflicted by several health conditions, say by pain as well as seizures.

Finally, RAD stock increased to about 0.8% during the regular hours of trading ahead of its earnings results this quarter. It then gained by more than 2.5% soon as the bell as the firm reported some really strong results.

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