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CVS Health beats expectations for 1Q, 2018 forecast

CVS Health beats expectations for 1Q, 2018 forecast
The Associated Press

CVS Health’s earnings climbed nearly 5 percent, topping Wall Street expectations for the first quarter as the nation’s second-largest drugstore chain focuses on completing a $69 billion acquisition of the insurer Aetna.

The company’s 2018 earnings forecast released Wednesday is also higher than expected.

CVS predicts 2018 adjusted earnings of between $6.87 and $7.08 per share. FactSet says analysts forecast, on average, earnings of $6.47 per share.

CVS Health Corp., based in Woonsocket, Rhode Island, booked a $998 million profit in the first quarter, with adjusted earnings of $1.48 per share. Revenue grew 2.6 percent to $45.69 billion.

Analysts expected, on average, earnings of $1.41 per share in the second quarter on $45.77 billion in revenue, according to FactSet.

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