Finance

CVS Health beats on earnings, gets lift from Covid vaccines and prescription volumes

A customer walks towards the entrance of a CVS Health Corp. store in downtown Los Angeles, California, U.S., on Friday, Oct. 27, 2017.
Christopher Lee | Bloomberg | Getty Images

CVS Health on Wednesday beat expectations for fiscal third-quarter earnings as the company got a boost from filling more prescriptions and giving more Covid-19 vaccines.

Despite that, shares of the company fell about 1% in premarket trading.

Here’s what the company reported for the three-month period ended Sept. 30, compared with what analysts were expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: $1.97 adjusted vs. $1.78 expected
  • Revenue: $73.79 billion vs. $70.49 billion expected

CVS reported third-quarter net income of $1.59 billion, or $1.20 per share, down from $1.22 billion, or 93 cents per share, a year earlier.

Excluding items, it earned $1.97 per share, more than the $1.78 per share expected by analysts surveyed by Refinitiv.

Revenue jumped to $73.79 billion from $67.06 billion a year earlier, outpacing expectations of $70.49 billion.

As of Tuesday’s close, shares of CVS were up about 33% this year. Shares touched a 52-week high on Tuesday, but closed at $91.15. The company’s market value is $120.28 billion.

Articles You May Like

Upstart Earnings Preview: UPST stock rallies 14% in anticipation of Q2 beat
Food prices fell sharply in July — but the respite may not last
Oil falls on demand concerns, greater supply
Euro Rises Slightly in Dull Markets, Dollar Mixed
Epic USD collapse following downside CPI surprise unlikely to stick – TDS

Leave a Reply

Your email address will not be published.