McKesson doesn’t expect Rite Aid’s bankruptcy to have much affect on profit outlook, liquidity

McKesson Corp.
MCK,
-1.55%
disclosed Monday that it doesn’t expect drugstore chain Rite Aid Corp.’s
RAD,
-16.81%
bankruptcy announced over the weekend to have a material impact on its adjusted earnings outlook for fiscal 2024. The health care supply and retail pharmacy company added that Rite Aid’s bankruptcy isn’t expected to have a material impact on its liquidity position or operations. McKesson’s stock was still inactive in premarket trading, while Rite Aid shares were halted. On Aug. 2, McKesson said it expects fiscal 2024 adjusted EPS of $26.55 to $27.35,which compares with the current FactSet consensus of $27.19. The company is slated to release fiscal second-quarter results on Nov. 1. McKesson’s stock has rallied 13% over the past three months through Friday while the S&P 500
SPX,
+1.02%
has slipped 3.9%.