Why Rite Aid Stock Is Rising Today

Rite Aid Corp RAD shares are trading higher Thursday after the company announced better-than-expected financial results and raised full-year revenue guidance above analyst estimates.

Rite Aid reported fiscal first-quarter revenue of $6.01 billion, which beat the estimate of $5.75 billion, according to data from Benzinga Pro. The company reported a quarterly earnings loss of 60 cents per share, which beat the estimate for a loss of 70 cents per share.

Rite Aid raised its full-year fiscal 2023 outlook, citing increased utilization of higher cost drugs at Elixir. The company said it now expects full-year revenue to be between $23.6 billion and $24 billion versus the estimate of $22.91 billion. Rite Aid said it expects a full-year net loss between $246.3 million and $203.3 million. 

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RAD Price Action: Rite Aid has traded between $20.45 and $4.67 over a 52-week period.

The stock was up 4.32% at $7.01 at time of publication.

Photo: courtesy of Rite Aid.