Key points:
- CVS reports fourth-quarter earnings
- Earnings and revenue beat analyst forecasts
- However, its shares are down 2.73% premarket
- CVS Group Share Price Plunged 10.3% Despite Reporting Positive Earnings Results
CVS Health Corp (NYSE: CVS) announced earnings per share of $1.98 before the bell on Wednesday, with revenue coming in at $76.6 billion.
The numbers reported were against an anticipated EPS of $1.82 and revenue of $75.63 billion.
Revenue rose 10.1% compared to the prior year, which the company said was driven by growth across all segments. Furthermore, Covid-19 vaccine demand and at-home Covid test demand raised overall store sales.
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In reaction to the report, CVS’s share price has declined 2.73% to $107.80.
“We’re engaging millions of customers across our businesses and in our community health destinations, becoming an even bigger part of their everyday health. That’s clearly reflected in our performance, but more importantly in our potential.” said Karen S. Lynch, CVS Health President, and CEO.
Looking ahead, the company expects adjusted EPS guidance to be in the range of $8.10 to $8.30 for 2022.
CVS shares have fallen ahead of the opening bell despite the positive report. However, they have risen over 50% in the last 12 months.