People walk past CVS Pharmacy in New York’s Manhattan borough.
Shannon Stapleton | Reuters
FAC Health on Wednesday raised its earnings forecast for the year after beating Wall Street’s expectations for the second fiscal quarter.
The medical company said it now expects adjusted earnings per share for the full year to be between $8.40 and $8.60, compared to its earlier estimate of $8.20 to $8.40.
Shares rose about 2% in premarket trading.
Here’s what the company said three-month period ending 30 Junecompared to what analysts expected based on Refinitiv’s poll of analysts:
- Earnings per share: $2.40 adjusted for $2.17 expected
- Revenue: $80.64 billion vs. $76.37 billion expected.
Unadjusted, CVS reported net income of $2.95 billion. or $2.23 per share, higher than $2.78 billion, or $2.10 per share, a year earlier. Revenue of $80.64 billion also increased year-over-year compared to $72.62 billion for the same period in 2021.
The results cover several different sectors of the CVS medical business. He owns a huge number of pharmacies, owns the insurance company Aetna and the pharmacy benefits manager CVS Caremark, and provides patient care through MinuteClinics in his stores.
CEO Karen Lynch said the company’s strategy of adding more healthcare services is helping to boost sales and deepen customer relationships.
“Despite the challenging economic environment, our differentiated business model has helped deliver strong results this quarter with strong revenue growth across all of our business segments,” she said in a press release.
CVS shares closed on Tuesday at $95.37. The company’s shares are down about 8% this year.
This is an evolving story. Please stay tuned for updates.