CVS Health (CVS) earnings Q1 2021 beat

CVS Health (CVS) earnings Q1 2021 beat


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.

The company has been a major provider of Covid-19 vaccines and recently began offering same-day appointments for the shots.

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.

The company raised its guidance for the year. It said it expects 2021 earnings will range between $6.24 to $6.36 per share, but after adjustments it expects to earn between $7.56 to $7.68 per share.

It reiterated that its full-year cash flow from operations is projected to range between $12 billion to $12.5 billion.

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.



Source link

About The Author

We report the News from around the Globe. Please support our advertisers.

Related posts

Leave a Reply