CVS Health topped Wall Street estimates in the first quarter, supported in part by gains in front-end sales.
Company net income was $2.94 billion, or $2.30 per diluted share, versus $1.78 billion, or $1.41 per diluted share, in the year-earlier quarter. Adjusted for one-time charges, company net income was $3.29 billion, or $2.57 per diluted share, versus $2.84 billion, or $2.25 per diluted share, in the period a year prior, CVS maintained.
A Zacks Investment Research analyst consensus estimate called for adjusted diluted earnings per share to come in at $2.21 on revenues of $94.37 billion.
Total revenue was $100.43 billion versus $94.59 billion in the year-previous quarter, the company reported. Operating income was $4.68 billion versus $3.37 billion in the year-before quarter, while adjusted operating income was $5.15 billion versus $4.58 billion.
In the Pharmacy and Consumer Wellness segment, net revenues were $31.99 billion versus $31.91 billion in the year-past quarter, the company noted, and adjusted operating income was $1.2 billion versus $1.31 billion. Front store sales, including general merchandise, increased to $5.26 million from $5.24 million in the year-prior period, as comparable sales grew 1.2%.
CVS raised its full-year adjusted earnings-per-share guidance to a range of $7.30 to $7.50 from a prior range of $7 to $7.20.
“CVS Health continues to provide what people want most from health care: a connected, convenient, cost-effective engagement experience across our unique collection of businesses,” said David Joyner, CVS Health chairman and CEO. “We build trust every day in communities across the country by providing better access, affordability and care to nearly 185 million people. Our positive performance is driven by strong execution across our enterprise. We will continue to build momentum through delivering on our strategy and a steadfast focus on our purpose, to simplify health care one person, one family and one community at a time.”
