Rite Aid beats Wall Street 3rd quarter forecasts

Written by The Associated Press | Dec 19, 2014 7:51 AM

Photo by Wikimedia Commons user Ildar Sagdejev

(Camp Hill) -- Rite Aid Corporation has reported fiscal third-quarter net income of $104.8 million.

On a per-share basis, the Cumberland County-based company says it had profit of 10 cents.

The results topped Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 5 cents per share.

The drugstore chain posted revenue of $6.69 billion in the period, which also topped Street forecasts. Analysts expected $6.64 billion, according to Zacks.

Rite Aid expects full-year earnings to be 31 cents to 37 cents per share, with revenue in the range of $26.25 billion to $26.4 billion.

Its shares have increased 20 percent since the beginning of the year. The stock has risen roughly 7 percent in the last 12 months.

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