Shopping carts sit in a parking lot at a CVS store in Greenbrae, California.
Justin Sullivan/Getty Images
CVS Health reported first-quarter adjusted earnings that topped analysts’ forecasts and the company raised its earnings range outlook for the fiscal year.
CVS posted first-quarter adjusted earnings of $2.22 a share. Revenue rose 11.2% to $76.8 billion.
Analysts surveyed by FactSet expected CVS (ticker: CVS) to earn an adjusted $2.17 a share in the first quarter on sales of $75.5 billion. A year earlier, the company reported a profit of $2.04 a share on sales of $69.1 billion.
The company’s pharmacy services segment posted revenue of $39.5 billion, up nearly 9% from a year earlier. Revenue at the health-insurance unit rose 13% in the first quarter to $23.1 billion.
The stock rose 1.7% in premarket trading Wednesday to $97.58.
The health giant said in a press release Wednesday that it expects fiscal-year adjusted earnings of $8.20 to $8.40 a share. It previously expected earnings of $8.10 to $8.30.
CVS also confirmed its cash flow from operations guidance range of $12 billion to $13 billion.
The company said it administered more than 6 million Covid-19 tests and more than 8 million Covid-19 vaccines in the first quarter.
Write to Joe Woelfel at [email protected]
