WOONSOCKET, R.I. (AP) - CVS Health Corporation (CVS) on Friday reported third-quarter profit of $1.24 billion.
WOONSOCKET, R.I. (AP) — CVS Health Corporation (CVS) on Friday reported third-quarter profit of $1.24 billion.
On a per-share basis, the Woonsocket, Rhode Island-based company said it had net income of $1.11. Earnings, adjusted for one-time gains and costs, came to $1.28 per share.
The results fell short of Wall Street expectations. The average estimate of 22 analysts surveyed by Zacks Investment Research was for earnings of $1.30 per share.
The drugstore chain and pharmacy benefits manager posted revenue of $38.64 billion in the period, beating Street forecasts. Twenty-four analysts surveyed by Zacks expected $37.76 billion.
For the current quarter ending in December, CVS Health expects its per-share earnings to range from $1.51 to $1.55. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.51.
The company expects full-year earnings in the range of $5.14 to $5.18 per share.
CVS Health shares have increased nearly 8 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 1.5 percent. The stock has risen 22 percent in the last 12 months.
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 http://www.zacks.com/ap/CVS
Keywords: CVS Health, Earnings Report, Priority Earnings