CVS Health posts 2Q profit, results top Street expectations

IndustriesAssociated Press

CVS Health Corporation (CVS) on Tuesday reported second-quarter earnings of $1.27 billion.

Continue Reading Below

The Woonsocket, Rhode Island-based company said it had profit of $1.12 per share. Earnings, adjusted for amortization costs and costs related to mergers and acquisitions, came to $1.22 per share.

The results exceeded Wall Street expectations. The average estimate of 24 analysts surveyed by Zacks Investment Research was for earnings of $1.20 per share.

The drugstore chain and pharmacy benefits manager posted revenue of $37.17 billion in the period, which also beat Street forecasts. Twenty-five analysts surveyed by Zacks expected $37.16 billion.

For the current quarter ending in September, CVS Health expects its per-share earnings to range from $1.27 to $1.30. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.37.

The company expects full-year earnings in the range of $5.11 to $5.18 per share.

CVS Health shares have climbed 17 percent since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 2 percent. The stock has increased 47 percent in the last 12 months.

_____

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 http://www.zacks.com/ap/CVS

_____

Keywords: CVS Health, Earnings Report, Priority Earnings