CVS shares jump as retailer raises 2020 forecast after strong quarterly results

Customers shop at the CVS Pharmacy, on Morrissey Boulevard, in Dorchester, on April 2, 2020. Some pharmacy workers worry about unsafe conditions at their stores.

Pat Greenhouse | Boston Globe | Getty Images

CVS Health on Wednesday reported that it beat expectations for earnings and revenue in the fiscal second quarter.

Shares of the company were up about 5% in premarket trading.

Here’s what the company reported for the quarter ended June 30 compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: $2.64 adjusted, vs. $1.93 expected
  • Revenue: $65.3 billion vs. $64.23 billion expected

The drugstore chain reported fiscal second-quarter net income of $2.98 billion, or $2.26 per share, up from $1.94 billion, or $1.49 per share, a year earlier.

Excluding items, CVS earned $2.64 per share, higher than the $1.93 cents per share expected by analysts surveyed by Refinitiv.

It reported revenue of $65.3 billion, higher than the $64.23 billion expected by a survey of analysts by Refinitiv.

CVS raised its outlook for the year. It expects adjusted earnings per share to be in the range of $7.14 to $7.27, up from $7.04 to $7.17 previously.

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