CVS Health (NYSE:CVS) on Wednesday reported quarterly earnings and revenue that beat analysts’ expectations and raised its full-year earnings forecast.
Earnings per share came in at $1.62, adjusted, as opposed to the $1.50 expected. Revenue was $61.65 billion, compared with the $60.39 billion expected
CVS raised its 2019 earnings forecast to between $6.75 and $6.90 per share, up from the previously guided range of $6.68 to $6.88 per share.
Revised GAAP operating income guidance range to $11.8 billion to $12.0 billion from $11.7 billion to $12.1 billion
The company also narrowed and raised the mid-point of the guidance range for adjusted operating income to $15.0 billion to $15.2 billion from $14.8 billion to $15.2 billion. It also narrowed GAAP diluted EPS guidance range to $4.90 to $5.05 from $4.88 to $5.08
CEO Larry Merlo stated, "We generated strong first quarter results, providing positive momentum to start the year. Following the close of our Aetna acquisition in late November, our first full quarter of combined operations was a success in many ways. In the quarter we continued to advance our integration efforts while beginning to launch new innovations such as our HealthHUB® concept stores.
"With our differentiated collection of health care assets we are uniquely positioned to lead the transformation of the U.S. health care system. We remain relentlessly focused on creating value for clients and customers while driving both near and longer-term returns for our shareholders."
Shares popped $2.28, or 4.2%, to $56.66.
