Categories AlphaGraphs, Earnings, Health Care
CVS Earnings: CVS Health Q2 adj. profit drops but beats estimates
Healthcare conglomerate CVS Health Corporation (NYSE: CVS) on Wednesday announced second-quarter 2024 results, reporting a decrease in adjusted earnings despite higher revenues. However, earnings topped expectations.
June-quarter adjusted profit decreased 17% year-over-year to $1.83 per share but came in above analysts’ estimates. On a reported basis, net income was $1.77 billion or $1.41 per share in Q2, compared to $1.90 billion or $1.48 per share in the prior-year quarter.
Meanwhile, revenues increased 3% year-over-year to $91.2 billion during the three months but fell short of expectations. Total same-store sales rose 6.4% from last year.
“We are taking action today to ensure we make the most of our many opportunities, including leadership changes in the Health Care Benefits segment,” said CVS CEO Karen Lynch.
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