CVS (NYSE:CVS) earnings for the first quarter of 2020 have CVS stock lower on Wednesday afternoon. This comes after reported revenue of $66.8 billion beat Wall Street’s estimate of $64.1 billion. Also, the company’s adjusted earnings per share (EPS) of $1.91 beat analysts’ expectations of $1.63 for the quarter.
Additionally, the company reported GAAP EPS of $1.53 during Q1 of 2020.
Here is what else is worth mentioning from the most recent CVS earnings report.
- Adjusted EPS was up 17.9% from $1.62 during Q1 2019.
- Revenue for the quarter comes in 8.3% higher compared to $61.65 billion during the same time last year.
- Operating income of $3.46 billion is 28.6% better year-over-year from $2.69 billion.
- CVS’ earnings report also includes net income of $2.01 billion.
- That’s 40.6% better than $1.43 billion from the first quarter of 2019.
Larry J. Merlo, president and CEO of CVS, said this about the CVS stock earnings:
“When facing any health crisis, including this pandemic, we’re uniquely positioned to understand consumer and patient needs and how to address them. This includes increasing access to medicine and virtual care, and testing thousands for the virus every day to ready our country to reopen safely. We’re utilizing our innovation-driven health care model, scale and unique capabilities to benefit consumers across the health care system, and none of this could be done without the tireless dedication of our colleagues.”
The company reiterated its fiscal 2020 EPS guidance, which calls for per-share earnings between $7.04 and $7.17. Meanwhile, Wall Street is expecting EPS of $7.04.
CVS stock declined 1.31% as of Wednesday afternoon.
Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.
