Pedestrians pass in front of a CVS location in New York.
Scott Mlyn | CNBC
CVS Health reported third-quarter earnings that beat Wall Street’s estimates as its Aetna insurance business helped juice the company’s profit by 10%.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: $1.84, adjusted, vs. $1.77 expected
- Revenue: $63.81 billion vs. $62.99 billion expected
CVS reported third-quarter net income of $1.53 billion, or $1.17 per share, up 10% from $1.39 billion, or $1.36 per share a year earlier. Excluding one-time items, such as a charge related to closing stores, CVS earned $1.84 per share, above the $1.77 per share expected by analysts surveyed by Refinitiv.
Revenue reached $64.81 billion, a sharp increase from the year earlier, before CVS acquired health insurer Aetna last November.
“As we approach the first anniversary of the Aetna acquisition, we are increasingly confident in the strength of our broad and differentiated assets as a combined company and our ability to deliver compelling value to our customers and the communities we serve,” CVS CEO Larry Merlo said in a statement.
The company raised its full-year adjusted earnings forecast to between $6.97 to $7.05 per share from the previously guided range of $6.89 to $7 per share.
Shares of CVS rose by more than 2% Tuesday in premarket trading.