Why Rite Aid Shares Are Ripping Higher Today

Rite Aid Corp RAD is trading higher Tuesday after the company announced its fiscal third-quarter 2022 earnings results and issued guidance above estimates. 

Rite Aid reported quarterly adjusted earnings of 15 cents per share, which may not compare to estimates for a loss of 14 cents per share. The company reported quarterly revenue of $6.23 billion, which came in below the estimate of $6.32 billion.

Rite Aid expects a full-year 2022 earnings loss of 49 cents to 4 cents per share versus the estimate for a loss of 52 cents per share. The company expects full-year revenue to be in a range of $24.4 billion to $24.7 billion versus the estimate of $25.01 billion.

"Despite challenges in the labor market, our pharmacists and store teams were able to meet the unprecedented volumes for COVID and flu immunizations, COVID testing and other clinical services, which clearly demonstrates our Lean work to free up capacity is paying off," said Heyward Donigan, president and CEO of Rite Aid.

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Rite Aid is a large retail drugstore chain in the United States.

RAD Price Action: Rite Aid has traded as high as $32.48 and as low as $11.15 over a 52-week period.

The stock was up 18.10% at $14.65 at time of publication.

Photo: courtesy of Rite Aid.