CVS Health tops 2Q forecasts, narrows 2017 guidance

AP News
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Posted: Aug 08, 2017 7:14 AM
CVS Health tops 2Q forecasts, narrows 2017 guidance

CVS Health's second-quarter earnings rose 19 percent to top Wall Street expectations, and the nation's second-largest drugstore chain also narrowed its 2017 forecast.

The company said Tuesday it now expects adjusted earnings of $5.83 to $5.93 per share in 2017, compared to its previous forecast for $5.77 to $5.93 per share.

Analysts expect, on average, earnings of $5.87 per share in 2017, according to FactSet.

In the quarter, CVS Health earned about $1.1 billion, with adjusted results coming in at $1.33 per share. Revenue climbed 4 percent to $45.68 billion.

Analysts forecast earnings of $1.31 per share on $45.35 billion in revenue.

CVS Health Corp., based in Woonsocket, Rhode Island, runs 9,700 retail locations and also processes more than a billion prescriptions annually as a pharmacy benefits manager.