<p>Rite Aid (NYSE: RAD) results for fiscal fourth quarter 2020 have RAD stocks hitting on Thursday. This is thanks to its adjusted losses per share of 37 cents. This is well below Wall Street‘s estimate of 15 cents. However, the pharmacy company’s revenue of $ 5.73 billion is better than analysts’ estimates of $ 5.59 billion.
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Here are some additional highlights from the latest results report on Rite Aid.
Adjusted losses per share are 48% wider than 25 cents from the same time last year. Revenue was 6.51% higher than the $ 5.38 billion reported during the fourth fiscal quarter of 2019. Operating profit of $ 343.46 million is a lower result of 34.36% compared to the previous year from $ 255.63 million. The earnings report for Rite Aid also includes a net loss of $ 324.72 million. That’s a 18.95% wider net loss than $ 272.98 million reported during the same period last year.
Heyward Donigan, President and CEO of Rite Aid, said this about the RAD share income report:
“Strong performance of our team drove growth in both Pharmacy Services Segment revenue and Retail Pharmacy Segment revenue, and helped deliver our second consecutive quarter-over-quarter improvement in adjusted EBITDA. These results provide significant momentum as we redefine our industry by using our bold, new RxEvolution strategy. ”
The revenue report on Rite Aid does not contain a guidance update. Instead, the company sticks to its 2021 budget outlook for adjusted 22-cent loss per share to 19-cent earnings per share on revenue of $ 22.5 billion to $ 22.9 billion. Wall Street estimates are for adjusted 30 percent EPS on revenue of $ 22.26 billion.
The RAD share fell 18.78% as of Thursday afternoon.
At the time of writing, William White had no position in any of the above securities.
Article printed from InvestorPlace Media, https://investorplace.com/2020/04/rite-aid-earnings-drop-rad-stock-hard/.
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