CVS Health (NYSE: CVS) on Wednesday reported fourth-quarter financial results that were stronger than what analysts had anticipated. The company reported earnings of $1.73 per share on revenues of $66.9 billion.
The upbeat results pushed the stock 1.7% higher immediately following the announcement. The stock, which fell to a 7-year-low mid-last year, has been slowly recuperating on the hopes that the company’s adoption of a technology-driven business model would help it better compete with the online counterparts.
Since the beginning of 2020, the stock has grown 9%.
Pharmacy Services, the segment that provides pharmacy benefit management services and accounts for about two-thirds of total revenues, grew 6.2% during the quarter, providing ample fillip to the topline.
CEO Larry Merlo said in a statement, “We are confident that we’re on the right path to delivering significant value for all our stakeholders, which is a testament to the efforts of the nearly 300,000 CVS Health employees who work tirelessly to deliver these results while staying true to our purpose of helping people on their path to better health.”
READ: Aurora Cannabis (ACB) likely to post a narrower loss in Q2
Guidance disappoints
Meanwhile, the strong results were partly offset by its guidance which were lower than what analysts had estimated.
Fellow drug-retailer Walgreens Boots Alliance Inc. (NASDAQ: WBA) had a dismal start to its new fiscal year. A report published by the company last month revealed a 6% drop in first-quarter earnings to $1.37 per share on revenues of $34.3 billion.
Most Popular
Tyson Foods (TSN) Q2 2024 Earnings: Key financials and quarterly highlights
Tyson Foods, Inc. (NYSE: TSN) reported second quarter 2024 earnings results today. Sales dipped slightly to $13.07 billion from $13.1 billion in the same period a year ago. Net income
After mixed Q2, what awaits Apple (AAPL) in the second half?
Apple’s (NASDAQ: AAPL) stock rallied this week after the gadget giant reported stronger-than-expected Q2 results and announced the largest-ever share buyback program. The company is investing heavily in the business,
What to expect when Tyson Foods (TSN) reports Q2 2024 earnings results
Shares of Tyson Foods, Inc. (NYSE: TSN) stayed green on Friday. The stock has gained 8% over the past three months. The branded foods company is slated to report its
Comments
Comments are closed.