CVS Health tops Q2 earnings estimates and raises guidance

CVS Health Corp. posted earnings that topped estimates Wednesday and again raised its guidance. Woonsocket, RI.-based CVS posted net income of $2.791 billion, or $2.10 a share, for the quarter, down from $2.986 billion, or $2.26 a share, in the year-earlier period. Adjusted per-share earnings came to $2.42, ahead of the $2.07 FactSet consensus. Revenue rose to $72.6 billion from $65.3 billion to also beat the $70.2 billion FactSet consensus. Front store same-store sales rose 12.0% and pharmacy same-store sales were up 12.4%. The company administered more than 6 million COVID-19 tests in the quarter and nearly 18 million vaccines across the U.S. CVS is raising its full-year guidance and now expects EPS to range from $6.35 to $6.45, up from earlier guidance of $6.24 to $6.36. It expects adjusted EPS to range from $7.70 to $7.80, up from prior guidance of $7.56 to $7.68. Shares were up 0.6% premarket and have gained 23% in the year to date, while the S&P 500 has gained 17.8%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

CVS Health tops Q2 earnings estimates and raises guidance
CVS Health Corp. posted earnings that topped estimates Wednesday and again raised its guidance. Woonsocket, RI.-based CVS posted net income of $2.791 billion, or $2.10 a share, for the quarter, down from $2.986 billion, or $2.26 a share, in the year-earlier period. Adjusted per-share earnings came to $2.42, ahead of the $2.07 FactSet consensus. Revenue rose to $72.6 billion from $65.3 billion to also beat the $70.2 billion FactSet consensus. Front store same-store sales rose 12.0% and pharmacy same-store sales were up 12.4%. The company administered more than 6 million COVID-19 tests in the quarter and nearly 18 million vaccines across the U.S. CVS is raising its full-year guidance and now expects EPS to range from $6.35 to $6.45, up from earlier guidance of $6.24 to $6.36. It expects adjusted EPS to range from $7.70 to $7.80, up from prior guidance of $7.56 to $7.68. Shares were up 0.6% premarket and have gained 23% in the year to date, while the S&P 500 has gained 17.8%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.