CVS Health raises forecast for year as it adapts to changing health-care habits

Earnings

Customers shop at the CVS Pharmacy, on Morrissey Boulevard, in Dorchester, on April 2, 2020. Some pharmacy workers worry about unsafe conditions at their stores.

Pat Greenhouse | Boston Globe | Getty Images

CVS Health on Wednesday reported that it beat expectations for earnings and revenue in the fiscal second quarter.

Shares of the company were up about 5% in premarket trading.

Here’s what the company reported for the quarter ended June 30 compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: $2.64 adjusted, vs. $1.93 expected
  • Revenue: $65.3 billion vs. $64.23 billion expected

The drugstore chain reported fiscal second-quarter net income of $2.98 billion, or $2.26 per share, up from $1.94 billion, or $1.49 per share, a year earlier.

Excluding items, CVS earned $2.64 per share, higher than the $1.93 cents per share expected by analysts surveyed by Refinitiv.

It reported revenue of $65.3 billion, higher than the $64.23 billion expected by a survey of analysts by Refinitiv.

CVS raised its outlook for the year. It expects adjusted earnings per share to be in the range of $7.14 to $7.27, up from $7.04 to $7.17 previously.

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