CVS beat Wall Street estimates in its fourth quarter while its front-end comparable sales made a strong gain after increasing 18.9% in the period a year past.
Company net income was $2.3 billion, or $1.75 per diluted share, versus $1.31 billion, or 98 cents per diluted share, in the year-prior quarter. Adjusted for one-time events, earnings were $2.62 billion, or $1.99 per diluted share, versus $2.64 billion, or $1.98 per diluted share, in the year-earlier period, the company reported.
CVS results topped a MarketBeat-published analyst consensus estimate for adjusted earnings per share of $1.92 and revenues of $76.37 billion.
Total CVS revenues in the quarter were $83.85 billion versus $76.6 billion in the fiscal 2021 quarter. Operating income was $3.62 billion versus $2.23 billion in the year-before period while adjusted operating income was $4.01 billion versus $4.15 billion.
In the Retail/LTC segment, total revenues for the first quarter were $28.18 billion and adjusted operating income was $1.84 billion versus $27.11 billion and $2.46 billion, respectively, year over year. Comparable sales were up 7.7% with front-end comps, including those from general merchandise sales, up 3.1%, building on the strong numbers in the 2021 period.
For the full fiscal year, company net income was $4.15 billion, or $3.14 per diluted share, versus $7.91 billion, or $5.95 per diluted share, in the year prior. Adjusted earnings were $11.5 billion, or $8.69 per diluted share versus $11.17 billion, or $8.40 per diluted share, in the year earlier.
Total revenues were $322.47 billion versus $292.11 billion in fiscal 2021. Operating income was $7.75 billion versus $13.19 billion in the year before while adjusted operating income was $17.53 billion versus $17.31 billion in the year previous.
“Last year was defined by outperformance across our foundational businesses, robust cash flow from operations and meaningful progress against our value-based care delivery strategy. 2022 was a year of progress, and we continue to build on that momentum with bold moves that will improve the health care experience,” said Karen Lynch, CVS Health president and CEO, in announcing the financial results.
