CVS Health's stock surges after profit, revenue and same-store sales beat expectations
Shares of CVS Health Corp. surged 4.5% in premarket trade Wednesday, after the drug store chain reported first-quarter profit, revenue and same-store sales that beat expectations, and lifted its full-year outlook. Net income rose to $1.42 billion, or $1.09 a share, from $998 million, or 98 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted EPS came to $1.62, above the FactSet consensus of $1.50. Revenue rose 35% to $61.65 billion, above the FactSet consensus of $60.38 billion, as growth in premiums and services revenue helped offset a decline in products revenue. Same-store sales rose 3.8%, beating the FactSet consensus of a 1.2% rise, as pharmacy same-store sales growth of 4.9% beat expectations of 1.3% growth and a 0.4% increase in front-end same-store sales beat expectations of a 0.9% decline. The company raised its 2019 adjusted EPS guidance range to $6.75 to $6.90 from $6.68 to $6.88. The stock has tumbled 17.0% year to date through Tuesday, while the S&P 500 has gained 17.5%.
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