People walk by a CVS Pharmacy store in the Manhattan borough of New York City.
Shannon Stapleton | Reuters
CVS Health reported a strong first quarter and raised its full-year forecast, as customers came to its stores for Covid-19 vaccinations, tests and prescriptions.
The company has been a major provider of Covid-19 vaccines and recently began offering same-day appointments for the shots.
Shares of the company were up 3% early Tuesday in premarket trading.
Here’s what the company reported for the fiscal first quarter ended March 31, compared with what analysts were expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: $2.04, adjusted vs. $1.72 expected
- Revenue: $69.1 billion vs. $68.39 billion expected
The health-care company and drugstore chain reported net income of $2.22 billion, or $1.68 per share, up from $2.01 billion, or $1.53 per share, a year earlier.
Excluding items, it earned $2.04 per share, more than the $1.72 per share expected by analysts surveyed by Refinitiv.
Revenue rose to $69.1 billion from $66.8 billion a year earlier. That outpaced analysts’ expectations of $68.39 billion.
The company raised its guidance for the year. It said it expects 2021 earnings will range between $6.24 to $6.36 per share, but after adjustments it expects to earn between $7.56 to $7.68 per share.
It reiterated that its full-year cash flow from operations is projected to range between $12 billion to $12.5 billion.
As of Monday’s close, shares of CVS were up nearly 14% this year. They closed at $77.69 on Monday, bringing the company’s market value to $101.97 billion.
This story is developing. Please check back for updates.