CVS stock was on the rise Wednesday following the release of its earnings report for the first quarter of 2019.
CVS (NYSE:CVS) starts off the earnings report for the first quarter of the year with earnings per share of $1.62. This is better than the company’s earnings per share of $1.48 from the same time last year. It was also a boon to CVS stock by beating out Wall Street’s earnings per share estimate of $1.50 for the quarter.
Net income reported in the CVS earnings release for the first quarter of 2019 comes in at $1.43 billion. This is an increase over the company’s net income of $998.00 million reported in the first quarter of 2018.
The CVS earnings report for the first quarter of the year also includes operating income of $2.69 billion. That’s up from the company’s operating income of $2.00 billion reported in the same period of the year prior.
CVS earnings for the first quarter of 2019 have the company bringing in revenue of $61.65 billion. This is an improvement over the retail and health care company’s revenue of $45.74 billion from the first quarter of the previous year. It was also a blessing to CVS stock by coming in above analysts’ revenue estimate of $60.39 billion for the period.
CVS also took time to update its guidance for the full year of 2019 in its most recent earnings report. The company now expects earnings per share for the year to range from $6.75 to $6.90. The previous outlook was for earnings per share ranging from $6.68 to $6.88. Wall Street is looking for earnings per share of $6.77 for the year.
CVS stock was up 5% as of Wednesday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.