CVS Health tops 2Q profit forecasts

WOONSOCKET, R.I. (AP) ' CVS Health Corporation (CVS) on Tuesday reported second-quarter net income of $924 million.The Woonsocket, Rhode Island-based company said it had net income of 86 cents per share. Earnings, adjusted for non-recurring costs and amortization costs, came to $1.32 per share.The results exceeded Wall Street expectations. The average estimate of 23 analysts surveyed by Zacks Investment Research was for earnings of $1.30 per share.The drugstore chain and pharmacy benefits manager posted revenue of $43.73 billion in the period, which fell short of Street forecasts. Twenty-four analysts surveyed by Zacks expected $44.23 billion.For the current quarter ending in October, CVS Health expects its per-share earnings to range from $1.55 to $1.58. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.55.The company expects full-year earnings in the range of $5.81 to $5.89 per share.CVS Health shares have fallen slightly more than 4 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 6 percent. The stock has fallen 17 percent in the last 12 months._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CVS at http://www.zacks.com/ap/CVS_____Keywords: CVS Health, Earnings Report, Priority EarningsJoin the conversation about this story
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