U.S. Markets open in 8 hrs 14 mins

CVS Health Reports Q3 Earnings Beat, Raises Guidance

Tanzeel Akhtar

CVS Health (NYSE: CVS) reported third-quarterly earnings of $1.84 per share on Wednesday, which beat the analyst consensus estimate of $1.77 by 3.95%. This is a 6.36% increase over earnings of $1.73 per share from the same period last year.

The company reported quarterly sales of $64.81 billion, which beat the analyst consensus estimate of $63 billion by 2.87%. This is a 37.11% increase over sales of $47.269 billion the same period last year.

CVS Health raised fiscal year 2019 EPS from $6.89-$7 to $6.97-$7.05 versus the $6.98 estimate and has cuts operating income guidance from $11.82 billion - $12.02 billion to $11.77 billion - $11.95 billion.

View more earnings on CVS

"Our third-quarter results build on the positive momentum we have seen across the company since the beginning of the year. All of our core businesses performed in line with or above expectations, reflecting strong operational execution,” CEO Larry Merlo said in a statement.

"As we approach the first anniversary of the Aetna acquisition, we are increasingly confident in the strength of our broad and differentiated assets as a combined company and our ability to deliver compelling value to our customers and the communities we serve,” adds Merlo.

CVS Health shares were trading up 2.42% at $68.95 in Wednesday’s pre-market session. The stock has a 52-week high of $82.15 and a 52-week low of $51.72.


See more from Benzinga

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.