In the fiscal second quarter, CVS posted a solid financial performance company wide and in the division that includes its store operations when compared with the year-previous period stricken by the COVID-19 pandemic.
Net earnings were $2.78 billion, or $2.10 per diluted share, compared with $2.98 billion, or $2.26 per diluted share, in the year-prior quarter. Adjusted for one-time charges, company earnings were $3.21 billion versus $3.47 billion and earnings per share were $2.42 versus $2.64 versus the period a year past.
Adjusted earnings per share beat a Yahoo Finance-published analyst average estimate of $2.06
Net revenues were $72.62 billion versus $65.34 billion and revenues from products were $50.53 billion versus $46.36 billion in the quarter a year before.
Operating income was $4.33 billion compared with $4.68 million in the period a year previous as adjusted operating income declined to $4.89 billion from $5.33 billion.
Total revenue in the Retail/LTC segment, which includes store operations, was $24.73 billion versus $21.66 billion while adjusted operating income was $2.05 billion versus $1.06 billion in the year-previous period.
“We delivered another quarter of strong results and once again raised our outlook for the year,” CVS Health president and CEO Karen Lynch, said in announcing the financial results. “This quarter was highlighted by broad sales and earnings outperformance, as well as sequential operating margin improvement. We continue to play a critical role in helping America prevail against the pandemic while demonstrating the effectiveness of our unique business model, which is focused on meeting customer needs through innovations that make health care more local, affordable and connected.”
