CVS Shares Rise More Than 3% As Revenue Tops Estimates

CVS Health Corp. said it earned $948 million, or 81 cents a share, in the third quarter, down from $1.249 billion, or $1.02 a share, in the year-earlier period. The drug-store chain said adjusted per-share earnings came to 88 cents, including a 27 cents loss on the early retirement of debt, compared with a FactSet consensus of $1.13. Revenue rose to $35.021 billion from $31.932 billion, ahead of the FactSet consensus of $34.723 billion. Looking ahead, CVS said it is narrowing its full-year adjusted per-share earnings range to $4.47 to $4.50, excluding the debt-related loss. On a GAAP basis, per-share earnings are expected at $3.93 to $3.96. The company is expecting full-year free cash flow of $5.7 to $6.0 billion. Shares rose 3.3% in premarket trade, and are up 20% in the year so far, while the S&P 500 is up 9.2%.