CVS Health third-quarter profit rises 10% on Aetna sales - CNBC

Pedestrians pass in front of a CVS location in New York.

Scott Mlyn | CNBC

CVS Health on Wednesday reported third-quarter earnings that beat Wall Street's estimates as its Aetna insurance business helped juice the company's profit by 10%.

Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

• Earnings per share: $1.84, adjusted, vs. $1.77 expected
• Revenue: $63.81 billion vs. $62.99 billion expected

CVS reported net income of $1.53 billion, or $1.17 per share, up 10% from $1.39 billion, or $1.36 per share a year earlier. Excluding one-time items, such as a charge related to closing stores, CVS earned $1.84 per share, above the $1.77 per share expected by analysts surveyed by Refinitiv.

Revenue reached $63.81 billion, a sharp increase from a year earlier, before CVS acquired health insurer Aetna in November.

"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," CVS CEO Larry Merlo said in a statement.

The company raised its full-year adjusted earnings forecast to between $6.97 to $7.05 per share from the previously guided range of $6.89 to $7 per share.

Shares of CVS rose 2.5% Tuesday in premarket trading.

Read the complete earnings release here.

Correction: An earlier version misstated third-quarter revenue results in one reference.

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https://www.cnbc.com/2019/11/06/cvs-health-earnings-q3-2019.html

2019-11-06 11:58:13Z
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