CVS Health beat an analyst consensus estimate on second-quarter earnings, but fell short on revenue as front-store sales slipped.
CVS’ net income was $1.77 billion, or $1.41 per diluted share, versus $1.9 billion, or $1.48 per diluted share, in the year-earlier quarter. Adjusted for one-time events, earnings were $2.31 billion or $1.83 per diluted share, versus $2.85 billion, or $2.21 per diluted share, in the year-prior period.
An analyst consensus estimate published by Yahoo Finance called for earnings per adjusted diluted share of $1.73 and revenue of $91.5 billion.
Total revenues were $91.23 billion versus $88.92 billion in the year-before quarter, the company reported Operating income was $3.05 billion versus $3.23 billion in the year-previous period, while adjusted operating income was $3.74 billion versus $4.48 billion.
In the Pharmacy & Consumer Wellness segment, total revenues were $29.84 billion versus $28.78 billion in the year-earlier quarter, while operating income was $1.18 billion versus $1.35 billion and adjusted operating income was $1.24 billion versus $1.41 billion, CVS noted. Comparable sales for the front-store sales, including general merchandise, declined 4% year over year.
Karen Lynch, CVS president and CEO, said, “We have many points of differentiation that position us to win now and into the future. Our innovation is accelerating more transparent pharmacy reimbursement models, increasing the use of biosimilars, and providing better patient outcomes through our connected health care delivery assets. Our integrated model and our strategy are enabling us to execute in a challenging environment, and we are delivering the value our customers demand.”
