Andrew Harrer | Bloomberg | Getty Images
Larry Merlo, president and chief executive officer of CVS Health Corp., speaks during an Economic Club of Washington discussion in Washington, D.C., U.S., on Monday, Oct. 15, 2018.
CVS Health beat analysts third-quarter earnings and revenue expectations and said it anticipates its acquisition of health insurer Aetna to close before Thanksgiving.
Shares of the company rose nearly 3 percent Tuesday in premarket trading.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: $1.73, adjusted, vs. $1.71 expected
- Revenue: $47.3 billion vs. $47.2 billion expected
CVS reported fiscal third-quarter net income of $1.39 billion, or $1.36 per share, up from $1.29 billion, or $1.26 per share a year earlier. Excluding items, CVS earned $1.73 per share, above the $1.71 per share expected by analysts surveyed by Refinitiv.
Revenue rose 2.4 percent to $47.3 billion, surpassing expectations of $47.2 billion.
CVS in October received preliminary approval from the Department of Justice to move forward with its roughly $69 billionacquisition of health insurer Aetna. The company still needs a handful of states to clear the deal, including New York, where state officials are considering blocking parts of the deal.
CVS on Tuesday said it has received approval from 23 of the 28 states it has filed with and is “well down the line” with the remaining five. The company expects to close the deal before Thanksgiving.
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