CVS is reporting surprisingly strong profit and revenue numbers for the fourth quarter, though the pandemic dragged adjusted operating income down by 21.8%
ByThe Associated Press
February 16, 2021, 12:10 PM
• 1 min read
Share to FacebookShare to TwitterEmail this articleWOONSOCKET, R.I. -- CVS is reporting surprisingly strong profit and revenue numbers for the fourth quarter, though the pandemic dragged adjusted operating income down by 21.8%.
Surging infections in the U.S. negatively affected the drugstore chain’s retail and benefits segments for the quarter that ended on Dec. 31. That was offset somewhat by a strong performance at the pharmacy counter.
The Woonsocket, Rhode Island, company on Tuesday reported net income of $973 million. Per-share earnings were 74 cents, but $1.30 when adjusted for one-time gains and costs.
That's six cents better per-share than Wall Street had expected, according to a survey by Zacks Investment Research.
Revenue was $69.55 billion, also beating analyst projections handily.
CVS Health expects full-year earnings in the range of $7.39 to $7.55 per share. Wall Street is looking for an average of $7.54 for 2021.
Shares are up less than 2% before the opening bell.
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A portion of this story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CVS at https://www.zacks.com/ap/CVS
