CVS (NYSE:CVS) on Wednesday reported third-quarter adjusted earnings and revenue that topped Wall Street’s expectations, lifted in part by strong revenue from the company’s health services business.
CVS booked sales of $89.76 billion for the quarter, up nearly 11% from the same period a year ago.
The company reported net income of $2.27 billion, or $1.75 per share, for the third quarter. That compares with a net loss of $3.40 billion, or $2.59 per share, for the same period a year ago. Excluding certain items, such as amortization of intangible assets and capital losses, adjusted earnings per share were $2.21 for the quarter.
Earnings per share proved to be $2.21 adjusted vs. $2.13 expected, on revenue of $89.76 billion vs. $88.25 billion expected.
CVS lowered its full-year unadjusted earnings forecast to a range of $6.37 to $6.61, down from a prior range of $6.53 to $6.75. However, it maintained its forecast on an adjusted basis, guiding to full-year adjusted earnings of $8.50 to $8.70 per share.
The results come on the last day of a nationwide walkout by pharmacy staff from CVS, Walgreens and Rite Aid to protest what they call harsh working conditions that put both employees and patients at risk. CVS told the media last week that the company is engaging with staff to directly address any concerns that they might have.
CVS shed $2.38, or 3.5%, to $66.63.
