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CVS Earnings Top Estimates but Stock Drops as Outlook Is Slashed Again

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CVS revises lower its guidance range for diluted GAAP earnings per share for the third straight quarter.

Investors didn’t seem pleased with a solid earnings and revenue beat from CVS Health, with shares in the healthcare company heading lower on Wednesday after the company slashed its full-year guidance for the third consecutive quarter.

CVS reported earnings of $2.21 a share on revenue of $89.8 billion, firmly topping expectations among analysts surveyed by FactSet of earnings of $2.13 a share on revenue of $88.3 billion. But CVS lowered its guidance range for diluted earnings per share measured under U.S. Generally Accepted Accounting Principles. The company said it now sees earnings by this metric in a range of $6.37 to $6.61 a share. CVS said in February that earnings could be $7.73 to $7.93 a share in 2023 but has revised this range lower in both May and August.Write to Jack Denton at jack.denton@barrons.com

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