{"id":2028,"date":"2016-08-03T08:04:22","date_gmt":"2016-08-03T15:04:22","guid":{"rendered":"http:\/\/re-tales.net\/?p=2028"},"modified":"2016-08-03T08:04:22","modified_gmt":"2016-08-03T15:04:22","slug":"cvs-earnings-in-2nd-quarter-beat-analysts-estimates","status":"publish","type":"post","link":"https:\/\/re-tales.net\/?p=2028","title":{"rendered":"CVS earnings in 2nd quarter beat analysts’ estimates"},"content":{"rendered":"

<\/p><\/blockquote>\n

\u00a0 \u00a0 \u00a0So once again CVS records record profits, making nearly $44 billion dollars in the 2nd quarter. \u00a0The acquisition of the Target pharmacies has boosted pharmacy sales, although front-end sales continue to decline across the board.<\/p><\/blockquote>\n

\u00a0 \u00a0Perhaps some of the extra revenue came from their recent campaign to eliminate paper receipts, that’s a lot of paper being saved…<\/p><\/blockquote>\n

\u00a0 \u00a0 \u00a0Woonsocket-based CVS Health Corp. beat analysts\u2019 earnings estimates in the second quarter and raised its full-year forecast, as recent deals to add pharmacies helped grow revenue at the drugstore and pharmacy benefit management company.<\/em><\/p><\/blockquote>\n

Earnings this year, excluding one-time items, will be $5.81 to $5.89 a share, up from the company\u2019s earlier forecast of $5.73 to $5.88 a share.<\/em><\/p><\/blockquote>\n

In the second quarter, adjusted earnings for non-recurring costs and amortization costs came to $1.32 per share, CVS said, compared with the $1.30 average of analysts\u2019 estimates compiled by Bloomberg.<\/em><\/p><\/blockquote>\n

Second quarter revenue rose 18 percent to $43.7 billion, below analysts\u2019 expectations of $44.3 billion, as CVS expanded its drugs business. Last year it acquired pharmacy locations inside Target Corp. stores for $1.9 billion and spent $12.9 billion for the nursing home pharmacy Omnicare Inc.<\/em><\/p><\/blockquote>\n

Second-quarter net income fell 27 percent to $924 million, or 86 cents a share, from $1.27 billion, or $1.12 a share, in the previous year. CVS said the decrease came from costs related to early extinguishing of debt, higher interest expenses from debt the company took out to finance its recent deals, and integration costs.<\/em><\/p><\/blockquote>\n

Other highlights from the quarterly results:<\/em><\/p><\/blockquote>\n

\u2014 Same-store sales increased 2.1 percent, as pharmacy volumes grew and front-of-the-store retail sales decreased.<\/em><\/p><\/blockquote>\n

\u2014 Network claims in the drug benefits business increased 23 percent to 280.5 million claims.<\/em><\/p><\/blockquote>\n

\u2014 Pharmacy-services revenue increased 21 percent, driven by growth in network claims volume and specialty pharmacy.<\/em><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

\u00a0 \u00a0 \u00a0So once again CVS records record profits, making nearly $44 billion dollars in the 2nd quarter. \u00a0The acquisition of the Target pharmacies has boosted pharmacy sales, although front-end sales continue to decline across the board. \u00a0 \u00a0Perhaps some of the extra revenue came from their recent campaign to eliminate paper receipts, that’s a Read More…<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-2028","post","type-post","status-publish","format-standard","hentry","category-retail-companies"],"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/re-tales.net\/index.php?rest_route=\/wp\/v2\/posts\/2028","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/re-tales.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/re-tales.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/re-tales.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/re-tales.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2028"}],"version-history":[{"count":1,"href":"https:\/\/re-tales.net\/index.php?rest_route=\/wp\/v2\/posts\/2028\/revisions"}],"predecessor-version":[{"id":2029,"href":"https:\/\/re-tales.net\/index.php?rest_route=\/wp\/v2\/posts\/2028\/revisions\/2029"}],"wp:attachment":[{"href":"https:\/\/re-tales.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/re-tales.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/re-tales.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}