CVS Health earnings top estimates as Covid vaccinations, testing boost drugstore sales

Earnings

People walk by a CVS Pharmacy store in the Manhattan borough of New York City.
Shannon Stapleton | Reuters

CVS Health reported a strong first quarter and raised its full-year forecast, as customers came to its stores for Covid-19 vaccinations, tests and prescriptions.

Shares of the company were up 3% early Tuesday in premarket trading.

Here’s what the company reported for the fiscal first quarter ended March 31, compared with what analysts were expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: $2.04, adjusted vs. $1.72 expected
  • Revenue: $69.1 billion vs. $68.39 billion expected

The health-care company and drugstore chain reported net income of $2.22 billion, or $1.68 per share, up from $2.01 billion, or $1.53 per share, a year earlier.

Excluding items, it earned $2.04 per share, more than the $1.72 per share expected by analysts surveyed by Refinitiv.

Revenue rose to $69.1 billion from $66.8 billion a year earlier. That outpaced analysts’ expectations of $68.39 billion.

CVS is a major provider of Covid-19 vaccines and recently began offering same-day appointments for the shots.

As of Monday’s close, shares of CVS were up nearly 14% this year. They closed at $77.69 on Monday, bringing the company’s market value to $101.97 billion.

Read full release here.

This story is developing. Please check back for updates.

Articles You May Like

Cat owners are spending more and boosting pet retailers
Everybody Wants To Age At Home, But What Does That Mean?
Student loan borrowers sue Trump administration over forgiven debts on credit reports
Nearly half the stocks in the S&P 500 are at cross purposes with the rest of the market
Trump-Xi summit analysis: ‘Tangible outcomes’ needed for U.S.-China truce to hold

Leave a Reply

Your email address will not be published. Required fields are marked *