CVS Health Corp. (CVS) reported on Wednesday a profit for the first quarter that increased from last year, driven revenue growth across all operating segments on increased prescription and front store volumes. Both adjusted earnings per share and quarterly revenues topped analysts' expectations. The company also raised its adjusted earnings guidance for the full-year 2022.
For the first quarter, the company reported net income attributable to the company of $2.13 billion or $1.74 per share, higher than $2.22 billion or $1.68 per share in the prior-year quarter.
Excluding items, adjusted income attributable to the company for the quarter was $2.94 billion or $2.22 per share, compared to $2.70 billion or $2.04 per share in the year-ago quarter.
On average, 20 analysts polled by Thomson Reuters expected the company to report earnings of $2.15 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew 11.2 percent to $76.83 billion from $69.10 billion in the same quarter last year, driven by growth across all segments. Analysts expected revenues of $75.39 billion for the quarter.
The company administered more than six million COVID-19 tests and more than eight million COVID-19 vaccines nationwide in the first quarter.
The Pharmacy Services segment revenues grew 8.6 percent to $39.46 billion from $36.32 billion, Retail/LTC segment revenues increased 9.2 percent to $25.42 billion from $23.27 billion and Health Care Benefits segment revenues increased 12.8 percent to $23.11 billion from $20.48 billion last year.
Looking ahead for 2022, the company now projects earnings in a range of $6.93 to $7.13 per share, and adjusted earnings in the range of $8.20 to $8.40 per share. The Street is looking for earnings of $8.27 per share for the year.
Previously, the company expected earnings in the range of $7.04 to $7.24 per share and adjusted earnings in the range of $8.10 to $8.30 per share.
The Company also confirmed its full-year 2022 cash flow from operations guidance range of $12.0 billion to $13.0 billion.
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