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

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

(*)(**)(***)(***)(****)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 (*********************************)%.(*****)(****)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.(***********************), adjusted, vs. $1.(*************************) expected(***********)(**********)Revenue: $(**************************).(************************) billion vs. $(***************************).(********************) billion expected(***********)(************)(****)CVS reported net income of $1.(****************************) billion, or $1.(*******************************) per share, up (*********************************)% from $1.(*****************************) billion, or $1.(******************************) per share a year earlier. Excluding one-time items, such as a charge related to closing stores, CVS earned $1.(***********************) per share, above the $1.(*************************) per share expected by analysts surveyed by Refinitiv.(*****)(****)Revenue reached $(**************************).(************************) 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.(*********************) to $7.(***********************************) per share from the previously guided range of $6.(**********************) 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.(***************)(*****)(******)(******)(****************)(*****************)Read More(********)

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