Rite Aid Soars After Earnings: 3 Takeaways From the Company's Third-Quarter Results
Rite Aid (NYSE: RAD) stock skyrocketed after the company reported its third-quarter earnings on Thursday. The retail pharmacy company results came in well ahead of the market's expectations. The beaten-down stock jumped roughly 42% in the day of trading following the early morning release.
Sales for the quarter came in at $5.46 billion, nearly flat year over year but topping the average analyst target's call for sales of $5.41 billion. Rite Aid posted a non-GAAP (adjusted) profit of $0.96 per share, crushing the average earnings call for a loss of $0.01 per share. Rite Aid also improved its full-year earnings target ranges on the heels of the better-than-expected third-quarter results.
Rite Aid is still in turnaround mode, but the relatively strong performance delivered under the new management team appears to be sparking a resurgence in investor confidence. Read on for a closer look at the third-quarter results and three takeaways from the company's earnings call.
Source Fool.com
