Shares of CVS Health Corp. (CVS) jumped 3.8% in premarket trading Wednesday, after the drugstore and health services company reported third-quarter earnings that beat expectations and raised its full-year outlook. Net income rose to $1.53 billion, or $1.17 a share, from $1.39 billion, or $1.36 a share, in the year-ago period. Excluding non-recurring items, adjusted EPS came to $1.84, above the FactSet consensus of $1.77. Total revenue grew to $64.81 billion from $47.49 billion, boosted by the acquisition of Aetna, to beat the FactSet consensus of $62.99 billion, as the pharmacy and retail businesses topped expectations while health care was in line. Same-store sales rose 3.6% to top the FactSet consensus of 3.1% growth, as better-than-expected pharmacy sales offset a miss in front-end store sales. The company raised its adjusted EPS guidance range to $6.97 to $7.05 from $6.89 to $7.00. The stock has run up 24.5% over the past three months through Tuesday, while the S&P 500 has gained 6.7%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
November 06, 2019 06:51 ET (11:51 GMT)
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