NIO - Why Is Rite Aid (RAD) Stock Up 10% Today?
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Rite Aid (NYSE:RAD) stock is rising higher on Thursday thanks to the company’s results from its earnings report for the fourth quarter of fiscal 2022.
The good news for RAD stock starts with its revenue of $6.07 billion for Q4 fiscal 2022. That’s better than the $5.95 billion in revenue that Wall Street was expecting from the drugstore chain. It also represents a 2.5% increase over its revenue of $5.92 billion from the same time last year.
Unfortunately, the company’s adjusted earnings per share of -$7.18 missed analysts’ estimates of -56 cents per share. However, the company attributes this to store closures, an acquisition, and other factors.
Another highlight from the Rite Aid earnings report is its outlook for fiscal 2023. This has it expecting revenue between $23.1 billion and $23.5 billion. That’s within analysts’ fiscal 2023 revenue estimate of $23.45 billion.
To go along with that, Ride Aid’s guidance for fiscal 2023 includes adjusted earnings per share of -53 cents to -$1.06. If that holds true, it will easily have the company beating out Wall Street’s estimate of -$1.36 per share for the year.
Rite Aid’s most recent earnings report has shares of RAD stock seeing heavy trading today. As of this writing, roughly 14 million shares of the company’s stock have been traded. To put that in perspective, its daily average trading volume is closer to 2.9 million shares.
RAD stock is up 8.7% as of Thursday morning but is still down 45.8% since the start of the year.
Investors searching for more recent stock market news today are in the right place!
InvestorPlace has all of the latest stock market coverage that traders need to know about for Thursday! A few examples include Elon Musk offering to take Twitter (NYSE:TWTR) private, what has shares of Veru (NASDAQ:VERU) stock moving, as well as why Nio (NYSE:NIO) stock is slipping today. You can find out all the details on these stocks at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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