Shopping carts sit in a parking lot at a CVS store in Greenbrae, California.
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CVS Health shares were higher Wednesday after the healthcare company raised its forecast for full-year adjusted earnings and third-quarter profit topped analysts’ expectations.
CVS Health (ticker: CVS) said it expects full-year adjusted earnings of $7.90 to$8 a share, up from prior guidance of $7.70 to $7.80.
Third-quarter adjusted earnings of $1.97 a share topped Wall Street forecasts, as did revenue of $73.8 billion.
Analysts surveyed by FactSet expected CVS to earn $1.79 a share on sales of $70.5 billion in the third quarter.
For the same period last year, CVS reported a profit of $1.66 a share on sales of $67.1 billion.
CVS said it administered 8.5 million Covid-19 tests during the quarter and 11.6 million shots, down from 17 million in the second quarter.
The stock was up 3.4% to $94.14. Shares have gained more than 38% in 2021.
Write to Joe Woelfel at [email protected]
