admin
Investors didn’t seem pleased with a solid earnings and revenue beat from
CVS Health.
Shares of the healthcare company headed lower on Wednesday after CVS slashed its full-year guidance for the third consecutive quarter.
CVS
(ticker: CVS) reported earnings of $2.21 a share on revenue of $89.8 billion, firmly topping analyst expectations for earnings of $2.13 a share on revenue of $88.3 billion.
But CVS lowered its guidance for diluted earnings per share measured under U.S. generally accepted accounting principles, or GAAP. CVS said in February that 2023 GAAP earnings could be $7.73 to $7.93 a share, but revised this range lower in both May and August. On Wednesday, CVS said it now sees full-year GAAP earnings ranging from $6.37 to $6.61 a share.
Shares in CVS slid 3% in recent Wednesday trading.
“Despite a challenging business environment, we continue adapting to the changing needs of our consumers by connecting our care delivery capabilities in communities across the country, broadening access to care and lowering costs,” the company’s CEO, Karen S. Lynch, said in a statement.
Write to Jack Denton at [email protected]
Read the full article here
