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CVS Pharmacy in San Francisco.
David Paul Morris/Bloomberg
CVS Health
beat profit estimates and raised its full-year guidance for second quarter in a rowpushing shares higher in premarket trading.
CVS
(ticker: CVS) posted adjusted earnings of $2.40 per share, beating estimates of $2.18, according to FactSet. Sales were $80.6 billion, beating expectations of $76.4 billion and up 11% year over year.
The company raised its guidance for fiscal 2022, saying it now expects adjusted earnings per share between $8.40 and $8.60. Previous guidance called for adjusted earnings to range between $8.20 and $8.40.
“Despite a challenging economic environment, our differentiated business model helped deliver strong results this quarter, with significant revenue growth across all of our business segments,” said CEO Karen Lynch.
Same-store sales rose 8% in the second quarter on a year-over-year basis. Analysts had expected sales to fall 0.4%. A year ago, same-store sales were up 12.3%.
Revenue from the company’s retail segment rose 6.3 percent to $26.3 billion, driven by increased prescription and store volume, including the sale of Covid-19 testing kits. That was partially offset by declines in Covid-19 vaccines and diagnostic tests, the company said.
Shares of CVS rose 1.8% in premarket trading on Wednesday. The stock is down 7.6% this year.
Write to Sabrina Escobar at sabrina.escobar@barrons.com