Shares of CVS Reverse Higher As First-Quarter Earnings Results Top Estimates

Shares of CVS Health Corp. added more than 1.6 percent in premarket trading on Tuesday after briefly losing more than 1% following the company’s quarterly earnings report.

CVS posted first-quarter net income of $953.0 million, or 92 cents per share, down from $1.15 billion, or $1.04 per share, for the same period last year. Adjusting for one-time items, earnings per share was $1.17, beating the $1.10 forecast by analysts.

The retail and health care company witnessed revenue rose to $44.5 billion in the three-month period to March from $43.2 billion recorded one year ago. The result also beat market’s expectation of $44.2 billion.

CVS expects EPS for the second quarter to reach $1.15 to $1.19 and anticipates full-year EPS of $5.02 to $5.18.

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