clearn.png
Thursday September 29th, 2022 6:48AM

CVS raises 2022 forecast after better-than-expected 1Q

By The Associated Press
Related Articles
  Contact Editor

COVID-19 vaccines and tests for the virus continue to boost CVS Health and the health care giant raised its annual forecast after a strong first quarter.

The drugstore chain and pharmacy benefit manager said Wednesday that it now expects earnings of $8.20 to $8.40 per share for 2022.

The new range mostly eclipses Wall Street projections of $8.26 per share, according to FactSet.

CVS Health shares slipped in February when the company reported fourth quarter results that easily topped expectations but didn’t hike the annual forecast that it first laid out in December. Citing the pandemic’s unpredictable nature, the company said then that it still expected adjusted earnings of $8.10 to $8.30 per share for the year.

In the most recent quarter, net income climbed 89% to $2.31 billion. The company posted adjusted earnings of $2.22 per share on $76.83 billion in total revenue.

Analysts had forecast earnings of $2.17 per share on $75.54 billion in revenue.

CVS Health Corp. operates one of the nation’s largest drugstore chains with nearly 10,000 retail locations. It also runs prescription drug plans for big clients like insurers and employers through a large pharmacy benefit management business.

It also provides health insurance for more than 24 million people through its Aetna arm.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News
© Copyright 2022 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
CVS raises 2022 forecast after better-than-expected 1Q
COVID-19 vaccines and tests for the virus continued to boost CVS Health in the first quarter, and the health care giant finally raised its annual forecast
6:55AM ( 15 minutes ago )
EXPLAINER: What's the impact if Europe cuts off Russian oil?
The European Union's executive commission has proposed phasing out imports of Russian oil within six months
6:51AM ( 19 minutes ago )
Beijing closes 10% of subway stations to stem COVID spread
Beijing is closing some 10% of the stations in its vast subway system as an additional measure against the spread of the coronavirus
6:30AM ( 39 minutes ago )
Associated Press (AP)
North Korea fires ballistic missile amid rising animosities
North Korea launched a ballistic missile toward its eastern waters on Wednesday
3:58AM ( 3 hours ago )
EU leader calls for Russian oil ban in new set of sanctions
The European Union’s leader has called on the 27-nation bloc to ban oil imports from Russia in a sixth package of sanctions targeting Moscow for its war in Ukraine
3:42AM ( 3 hours ago )
Election 2022: JD Vance wins Ohio's GOP Senate primary
“Hillbilly Elegy” author JD Vance has won Ohio’s contentious and hyper-competitive GOP Senate primary, buoyed by Donald Trump’s endorsement in a race widely seen as an early test of the former president’s hold on his party
3:42AM ( 3 hours ago )
AP Business
Starbucks reports record Q2 sales, enhances worker benefits
Starbucks’ sales climbed to a record $7.6 billion in its fiscal second quarter, but its profits took a hit from climbing labor costs
7:36PM ( 11 hours ago )
Airbnb posts much smaller Q1 loss, revenue doubles from 2021
Airbnb is getting a boost from the rebound in travel
6:53PM ( 12 hours ago )
Washington reaches $518M settlement with opioid distributors
Months into a complex trial over their role in flooding Washington with highly addictive painkillers, the nation’s three largest opioid distributors have agreed to pay the state $518 million
5:13PM ( 13 hours ago )
AP Business - Corporate News
EXPLAINER: What's the impact if Europe cuts off Russian oil?
The European Union's executive commission has proposed phasing out imports of Russian oil within six months
6:51AM ( 19 minutes ago )
Beijing closes 10% of subway stations to stem COVID spread
Beijing is closing some 10% of the stations in its vast subway system as an additional measure against the spread of the coronavirus
6:30AM ( 40 minutes ago )
Sri Lanka foreign reserves at record low, politics in crisis
Sri Lanka’s finance minister says the South Asian country's economy is in dire straits with its usable foreign reserves down to less than $50 million
5:58AM ( 1 hour ago )
Live updates | EU leader calls for Russian oil ban
The European Union’s chief executive is proposing that the bloc ban oil imports from Russia over its war on Ukraine, and target the country’s biggest bank and major broadcasters in a new round of sanctions
5:02AM ( 2 hours ago )
World shares slip ahead of Fed interest rate decision
Shares are mostly lower in Europe and Asia as investors await a decision by the Federal Reserve on interest rates
4:53AM ( 2 hours ago )