CVS Health had a robust third quarter with gains overall and in its retail division, where front store comparable sales, including general merchandise, gained 12.3% year over year.
Adjusted for one-time charges, company income was $2.62 billion, or $1.97 per share, versus $2.18 billion, or $1.66 per share, in the year-previous period.
CVS beat a Yahoo Finance-published analyst consensus adjusted earnings per share estimate of $1.78, while revenues topped a $70.48 billion revenue estimate.
Total revenues were $73.79 billion versus $67.06 billion and product revenues were $51.85 billion versus $47.74 billion in the year-prior period. Operating income was $3.06 billion versus $3.25 billion in the year-earlier period while adjusted operating income was $4.07 billion versus $3.62 billion.
The Retail/LTC division returned revenues of $24.99 billion in the quarter versus $22.73 billion and product revenues were $23.97 billion versus $22.42 billion in the year-past period.
Adjusted operating income was $1.72 billion versus $1.41 billion in the quarter a year before. Comparable sales increased 9.6% in the quarter with front store comps up 12.3%, in the period year over year.
“We outperformed expectations once again and continue to lead the way in changing how, when and where care is delivered for millions of Americans,” said CVS Health president and CEO Karen Lynch, in announcing the financial results. “Our services are responsive to evolving consumer needs, from administering millions of COVID-19 tests and vaccines to offering primary care accessible from virtually anywhere, and our touchpoints allow for unmatched impact.”
