A CVS location in New York, United States, on Thursday, February 9, 2023.
Stephanie Keith | Bloomberg | Getty Images
CVS Health on Thursday reported first-quarter results that beat earnings and sales expectations, but the company lowered its full-year earnings guidance due to costs related to its recent acquisitions.
Shares fell more than 1% in premarket trading on Wednesday.
Here’s what CVS reports versus Wall Street expectations, based on a poll of analysts by Refinitiv:
- earnings per share: $2.20 adjusted vs $2.09 expected
- revenue: $85.28 billion versus $80.81 billion expected
For the quarter ended March 31, CVS reported earnings of $2.14 billion, or $1.65 per share, compared to $2.35 billion, or $1.77 per share, a year earlier . Excluding non-recurring items, the company reported earnings of $2.20 per share for the period.
CVS reported total revenue of $85.28 billion, an 11% increase from the $76.83 billion reported in the first quarter of 2022.
CVS lowered its adjusted earnings guidance for 2023 to a range of $8.50 to $8.70, down 20 cents from its previous guidance of $8.70 to $8.90.
The company lowered its guidance due in part to costs related to its $8 billion acquisition of Signify Health and its $10.6 billion acquisition of Oak Street Health.
This is an evolving story. Please check back for updates.
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