CVS shares rise after earnings and sales beat consensus
CVS Health Corp. shares rose 2.6% in Tuesday premarket trading after the pharmacy retailer reported third-quarter earnings and sales that beat consensus. Net income totaled $1.39 billion, or $1.36 per share, up from $1.29 billion, or $1.26 per share, last year. Adjusted EPS was $1.73. Revenue totaled $47.3 billion, up from $46.2 billion. And same-store sales rose 6.7% with pharmacy same-store sales up 8.7%. The FactSet consensus was for EPS of $1.71, revenue of $47.2 billion, and same-store sales growth of 5.4%. Pharmacy same-store sales were forecast to be up 7.6%. CVS continues to expect full-year EPS of $1.40 to $1.50 and adjusted EPS of $6.98 to $7.08. The FactSet guidance is for EPS of $7.04. CVS shares have gained 1.6% for the year to date while the S&P 500 index is up 2.4% for the period. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.