Building on the strong momentum it has been displaying since the beginning of this year, CVS Health Corporation (NYSE: CVS) on Wednesday posted third-quarter financial results that were ahead of Wall Street targets.
The company said its total revenue shot up 36.5% to $64.8 billion, exceeding average analysts’ consensus of $63 billion.
The strong growth in topline helped the healthcare company generate adjusted EPS of $1.84 per share in Q3, which was 7 cents ahead of the street consensus.
“All of our core businesses performed in line with or above expectations, reflecting strong operational execution. As a result, we delivered strong growth and generated robust operating cash flow, which enabled us to continue to deliver while returning capital to our shareholders,” CEO Larry Merlo stated.
READ: Alteryx CFO Kevin Rubin on Q4 outlook, stock sell-off and the possibility of getting acquired
Outlook raised
Thanks to the strong results, the company raised and narrowed its Adjusted EPS guidance range to $6.97 – $7.05 from the prior projection of $6.89 – $7.00.
Meanwhile, outlook on GAAP operating income was slashed to $11.77 billion – $11.95 billion from the earlier range of $11.82 billion – $12.02 billion.
CVS shares gained 1.5% during pre-market hours.
Most Popular
Should investors worry about Micron’s (MU) weak Q4 results and guidance?
The semiconductor industry is a rapidly growing business segment that currently thrives on the digital transformation wave. The demand for memory chips and other semiconductor products increased over the years,
What has Bed Bath & Beyond (BBBY) outlined for this fiscal year?
Shares of Bed Bath & Beyond (NASDAQ: BBBY) were up on Friday, a day after the company delivered disappointing results for the second quarter of 2022. The company reported a
NKE Earnings: Highlights of Nike’s Q1 2023 results
Nike, Inc. (NYSE: NKE) has reported a decrease in net profit for the first quarter of 2023, despite a modest increase in revenues. The company's stock suffered a big loss
Comments
Comments are closed.