CVS ups outlook after a slow start to the year

Posted 5/4/21

The Associated Press (AP) — CVS Health beat Wall Street expectations and after releasing projections earlier this year that disappointed analysts, a new outlook Tuesday exceeds those levels.

The …

To Our Valued Readers –

Visitors to our website will be limited to five stories per month unless they opt to subscribe.

For $5.99, less than 20 cents a day, subscribers will receive unlimited access to the website, including access to our Daily Independent e-edition, which features Arizona-specific journalism and items you can’t find in our community print products, such as weather reports, comics, crossword puzzles, advice columns and so much more six days a week.

Our commitment to balanced, fair reporting and local coverage provides insight and perspective not found anywhere else.

Your financial commitment will help to preserve the kind of honest journalism produced by our reporters and editors. We trust you agree that independent journalism is an essential component of our democracy. Please click here to subscribe.

Sincerely,
Charlene Bisson, Publisher, Independent Newsmedia

Please log in to continue

Log in
I am anchor

CVS ups outlook after a slow start to the year

Posted

The Associated Press (AP) — CVS Health beat Wall Street expectations and after releasing projections earlier this year that disappointed analysts, a new outlook Tuesday exceeds those levels.

The national drugstore chain and pharmacy benefits manager now expects adjusted per-share earnings to range from $7.56 to $7.68, exceeding industry analyst projections for $7.53, according to a survey by FactSet.

Growing Medicaid and Medicare coverage in the health care giant’s insurance business helped counter hits the company took from a weak cold and flu season and a tough comparison to last year’s first quarter, when customers stocked up on pharmacy supplies as the COVID-19 pandemic set in.

CVS Health Corp. on Tuesday reported first-quarter earnings of $2.22 billion.

Per-share profits were $1.68, but $2.04 if one-time gains and costs are removed. That easily beat the $1.72 Wall Street was looking for, according to a survey by Zacks Investment Research.

The drugstore chain and pharmacy benefits manager posted revenue of $69.1 billion, beating forecasts of $68.44 billion.

Shares rose about 2% before the opening bell.

_____

A portion of this story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CVS at https://www.zacks.com/ap/CVS

Comments