RTTNews | Dec 17, 2020 10:45AM EST

10:45 Thursday, December 17, 2020 (RTTNews.com) - Shares of retail drugstores chain Rite Aid Corporation (RAD) are rising more than 20% Thursday morning on better-than-expected third-quarter results.

For the third quarter, the company reported net income from continuing operations of $4.3 million, or $0.08 income per share compared with $52.29 million or $0.98 per share in the same quarter a year ago.

On an adjusted basis, income from continuing operations was $0.40 per share, that beat the average estimate of analysts polled by Thomson Reuters at $0.05 loss per share.

Revenues for the quarter increased 12% year-over-year to $6.12 billion driven by growth in both retail pharmacy and pharmacy services segments. The consensus estimate was for $5.84 billion.

For the full-year, Rite Aid Corporation expects revenues to be between $23.9 billion and $24.2 billion and adjusted net income per share is expected to be between $0.45 and $0.85. Analysts see loss of $0.09 per share on revenue of $23.76 billion for the period.

RAD, currently at $20.64, has traded in the range of $7.70- $23.88 in the past 52 weeks.

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