CVS Boosts Forecast and Earnings Beat Expectations. The Stock Rises.

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Shopping carts sit in a parking lot at a CVS store in Greenbrae, California.


Justin Sullivan/Getty Images

CVS Health

shares turned higher in premarket trading Wednesday after the healthcare company raised its forecast for full-year adjusted earnings and third-quarter profit topped analysts’ expectations.

CVS Health

(ticker: CVS) said it expects full-year adjusted earnings of $7.90 to$8 a share, up from prior guidance of $7.70 to $7.80.

Third-quarter adjusted earnings of $1.97 a share topped Wall Street forecasts, as did revenue of $73.8 billion.

Analysts surveyed by FactSet expected CVS to earn $1.79 a share on sales of $70.5 billion in the third quarter. 

For the same period last year, CVS reported a profit of $1.66 a share on sales of $67.1 billion. 

The stock was up 1.06% in premarket trading to $92.12. Shares have gained 33.5% in 2021.

Write to Joe Woelfel at joseph.woelfel@barrons.com

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