Investors didn’t seem pleased with a solid earnings and revenue beat from
CVS Health,
with shares in the healthcare company heading lower on Wednesday after the company 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 expectations among analysts surveyed by FactSet of earnings of $2.13 a share on revenue of $88.3 billion.
But CVS lowered its guidance range for diluted earnings per share measured under U.S. Generally Accepted Accounting Principles. The company said it now sees earnings by this metric in a range of $6.37 to $6.61 a share. CVS said in February that earnings could be $7.73 to $7.93 a share in 2023 but has revised this range lower in both May and August.
Shares in CVS fell 2.2% in premarket trading on Wednesday.
“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]
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