Third quarter earnings and income at CVS Health beat Wall Street estimates despite unadjusted losses from an opioid litigation settlement.
Company net loss was $3.42 billion, or $2.60 per diluted share, versus net income of $1.6 billion, or $1.20 per diluted share, in the year-prior quarter, CVS reported. Adjusted for one-time events, adjusted earnings were $2.76 billion, or $2.09 per share, versus $2.62 billion, or $1.97 per share, in the year-earlier period.
CVS beat a Yahoo Finance-published analyst consensus estimate of $1.99 per share for adjusted earnings and of $76.75 million for revenues.
Net revenues were $81.16 billion versus $73.79 billion in the year-previous quarter, the company stated. Operating loss was $3.93 billion versus operating income of $3.06 in the year-before period, CVS noted, while adjusted operating income was $4.23 billion versus $4.07 billion.
Retail/LTC segment revenues increased to $26.71 billion versus $24.99 billion in the 2021 period as adjusted operating income slipped to $1.4 billion versus $1.72 billion. Front store sales, which includes general merchandise, increased 5.1% on a comparable basis in the quarter year over year.
In announcing the financial results, Karen Lynch, CVS Health president and CEO, said, “We delivered another outstanding quarter, and have raised full-year guidance as a result. We continue to execute on our strategy with a focus on expanding capabilities in health care delivery, and the announced acquisition of Signify Health will further strengthen our engagement with consumers.”
