Rite Aid (RAD) Moves Higher on Surprise Q3 Profit, Boosted Outlook
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Price: $0.65 --0%
EPS Growth %: +100.0%
Financial Fact:
Interest expense: 105.39M
Today's EPS Names:
UXIN, TOWN, NRIM, More
EPS Growth %: +100.0%
Financial Fact:
Interest expense: 105.39M
Today's EPS Names:
UXIN, TOWN, NRIM, More
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Rite Aid (NYSE: RAD) is moving higher this morning following solid third-quarter 2013 results and updated outlook for the rest of the year.
The retail pharmacy giant reported a 1.2 percent drop in quarterly EPS to $6.24 billion. The company swung to net income of $60.53 million, or 7 cents per share.
Consensus views called for revs of $6.28 billion and a loss of 3 cents per share.
Comparable-store sales dipped 1.5 percent, pressured by a 2.7 percent drop in pharmacy sales.
Net income improved primarily from an increase in Adjusted EBITDA as well as a lower LIFO charge, according to the company.
"We have now increased Adjusted EBITDA and same store prescription counts for eight consecutive quarters," commented CEO John Standley. "Our record Adjusted EBITDA was driven by strong prescription count growth, an increase in front-end same store sales and higher pharmacy gross margin resulting from the introduction of new generic medications."
Looking ahead, Rite Aid tightened its fiscal 2013 sales outlook, from a range of $25.1 billion to $25.4 billion last quarter now to a new range of $25.15 billion to $25.3 billion. Adjusted EBITDA, previously expected to be $965 million and $1.025 billion, now will range from $1.050 billion and $1.075 billion. Net loss was expected to be 23 cents to 9 cents per share last quarter, but Rite Aid now sees a loss of 5 cents to profit of 3 cents per share.
In early trading, Rite Aid is up over 1 percent Thursday.
The retail pharmacy giant reported a 1.2 percent drop in quarterly EPS to $6.24 billion. The company swung to net income of $60.53 million, or 7 cents per share.
Consensus views called for revs of $6.28 billion and a loss of 3 cents per share.
Comparable-store sales dipped 1.5 percent, pressured by a 2.7 percent drop in pharmacy sales.
Net income improved primarily from an increase in Adjusted EBITDA as well as a lower LIFO charge, according to the company.
"We have now increased Adjusted EBITDA and same store prescription counts for eight consecutive quarters," commented CEO John Standley. "Our record Adjusted EBITDA was driven by strong prescription count growth, an increase in front-end same store sales and higher pharmacy gross margin resulting from the introduction of new generic medications."
Looking ahead, Rite Aid tightened its fiscal 2013 sales outlook, from a range of $25.1 billion to $25.4 billion last quarter now to a new range of $25.15 billion to $25.3 billion. Adjusted EBITDA, previously expected to be $965 million and $1.025 billion, now will range from $1.050 billion and $1.075 billion. Net loss was expected to be 23 cents to 9 cents per share last quarter, but Rite Aid now sees a loss of 5 cents to profit of 3 cents per share.
In early trading, Rite Aid is up over 1 percent Thursday.
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