CVS beats on earnings and revenue but lowers profit outlook

Stephanie Keith | Bloomberg | Getty Images

on Thursday reported first-quarter results that beat earnings and revenue expectations, but the company lowered its full-year profit guidance due to costs related to recent acquisitions.Here's what CVS reported compared with Wall Street's expectations, based on a survey of analysts by Refinitiv:: $85.28 billion, vs. $80.81 billion expected

For the quarter ended March 31, CVS posted profit of $2.14 billion, or $1.65 a share, compared with $2.35 billion, or $1.77 a share, a year earlier. Excluding one-time items, the company reported earnings of $2.20 per share for the period. CVS reported total revenues of $85.28 billion, an 11% increase over the $76.83 billion reported in the first quarter of 2022.

CVS lowered its 2023 adjusted earnings guidance to a range of $8.50 to $8.70, which is 20 cents lower than its previous projection of $8.70 to $8.90.and its $10.6 billion purchase of Oak Street Health, among other items.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

CVS stock gains after big revenue beats, but full-year earnings outlook was cutShares of CVS Health Corp. gained 0.6% in premarket trading Wednesday, after the health care services and drug store chain reported a first-quarter profit...
Source: MarketWatch - 🏆 3. / 97 Read more »

Wall St stocks end lower, dollar gains after data; Fed, earnings in the wingsWall Street indexes closed slightly lower and the dollar gained with Treasury yields as investors digested Monday's data and waited for the U.S. Federal Reserve's interest rate decision due on Wednesday as well as key upcoming economic data and quarterly earnings reports.
Source: Reuters - 🏆 2. / 97 Read more »