People walk past a CVS pharmacy store in New York City, Manhattan.
Shannon Stapleton | Reuters
CVS Health reported a strong first quarter on Tuesday, raising its full-year forecast as customers came to its stores for Covid-19 vaccinations, tests and prescriptions.
The company has been a major provider of Covid-1
The shares of the company rose almost 2% in trading with the pre-market.
Here is what the company reported for the fiscal first quarter ending March 31, compared to what analysts expected, based on a survey of analysts conducted by Refinitiv:
- Adjusted earnings per Share: $ 2.04 vs. $ 1.72 expected
- Revenue: expected $ 69.1 billion vs. $ 68.39 billion
Healthcare and the pharmacy chain reported a net income of $ 2.22 billion or $ 1.68 per year. Shares, up from $ 2.01 billion or $ 1.53 per share. Stock, one year earlier.
Excluding items, it earned $ 2.04 per. Share, more than $ 1.72 per share. Stock expected by analysts researched by Refinitiv.
Revenue rose to $ 69.1 billion from $ 66.8 billion the year before. It exceeded analysts’ expectations of $ 68.39 billion.
The company raised its guidance for the year. It said it expects 2021 earnings to range between $ 6.24 and $ 6.36 per share. Stock, and after adjustments between $ 7.56 and $ 7.68 per share. Shares.
It reiterated that its full-year cash flow from operations is expected to range from $ 12 billion to $ 12.5 billion.
The pharmacy chain faced challenging comparisons from year to year in the quarter in its retail business. In the period a year earlier, customers rushed to fill prescriptions early and stock other health and personal care items before shelter-on-site orders. Virtual visits and home delivery of prescriptions peaked – and customers threw several items from the front of the store, such as soap and shampoo, into their baskets in stores and online.
CVS said on Tuesday it had lower front-end sales in the first quarter of this year due to accelerated demand in March 2020 and a weak cough, cold and flu season.
Sales of the same store across the pharmacy and the front store together increased by only 0.4% compared to a growth of 9% the year before. Sales of the same store for the front store fell 11.4%.
It said, however, that its revenue received a boost from Covid-19 testing and vaccinations. CVS has shot in its stores and on long-term care facilities. It said the completed prescriptions were about the same from a year earlier on a 30-day equivalent basis.
Following Monday’s closing, shares of CVS rose nearly 14% this year. They closed at $ 77.69 on Monday, bringing the company’s market value to $ 101.97 billion.
Read the full release here.