CVS Health: 2Q Earnings Snapshot
WOONSOCKET, R.I. (AP) _ CVS Health Corporation (CVS) on Wednesday reported a second-quarter loss of $2.56 billion, after reporting a profit in the same period a year earlier.
The Woonsocket, Rhode Island-based company said it had a loss of $2.52 per share. Earnings, adjusted for asset impairment costs and amortization costs, were $1.69 per share.
The results topped Wall Street expectations. The average estimate of 19 analysts surveyed by Zacks Investment Research was for earnings of $1.61 per share.
The drugstore chain and pharmacy benefits manager posted revenue of $46.71 billion in the period, also exceeding Street forecasts. Seventeen analysts surveyed by Zacks expected $46.39 billion.
CVS Health expects full-year earnings in the range of $6.98 to $7.08 per share.
CVS Health shares have fallen roughly 10 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen almost 7 percent. The stock has declined 17 percent in the last 12 months.