The company has been a major supplier of Covid-19 vaccines and has recently started offering same-day appointments for vaccines.
The company’s shares rose nearly 2% in pre-market trading.
Here’s what the company reported for the fiscal first quarter ended March 31, compared to what analysts expected, based on an analyst survey by Refinitiv:
- Adjusted earnings per share: $ 2.04 vs. $ 1.72 expected
- Turnover: $ 69.1 billion against $ 68.39 billion expected
The healthcare company and drugstore chain reported net income of $ 2.22 billion, or $ 1.68 per share, compared to $ 2.01 billion, or $ 1.53 per share, a year earlier.
Excluding items, it gained $ 2.04 per share, more than the $ 1.72 per share expected by analysts polled by Refinitiv.
Revenue rose to $ 69.1 billion from $ 66.8 billion a year earlier. This exceeded analysts’ expectations of $ 68.39 billion.
The company has raised its forecast for the year. He said he expects 2021 earnings to vary between $ 6.24 and $ 6.36 per share, and after adjustments between $ 7.56 and $ 7.68 per share.
He recalled that its cash flow from operations for the full year is expected to range from $ 12 billion to $ 12.5 billion.
The drugstore chain faced difficult year-over-year comparisons during the quarter in its retail business. In the period a year earlier, customers rushed to fill prescriptions early and stock up on other health and personal care items before shelter-in-place orders. Virtual tours and prescription home deliveries have increased – and customers have thrown more front-of-store items, such as soap and shampoo, into their in-store and online baskets.
CVS said on Tuesday it saw lower in-store sales in the first quarter of this year due to accelerating demand in March 2020 and a weak cough, cold and flu season.
Comparable store sales across its pharmacy and front-end store were up just 0.4%, compared to growth of 9% a year earlier. The front store’s same-store sales declined 11.4%.
However, he said his income was increased thanks to Covid-19 tests and vaccinations. CVS fired in its stores and long-term care facilities. He said the prescriptions filled were about the same as a year earlier on a 30-day equivalent basis.
As of Monday’s close, shares of CVS were up nearly 14% this year. They closed at $ 77.69 on Monday, bringing the market value of the company to $ 101.97 billion.
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