CORRECT: CVS Health shares fall after sales miss estimates, guidance raised
CVS Health Corp. shares fell 0.5% in Tuesday premarket trading after the company reported second-quarter sales that missed estimates and lowered full-year earnings guidance. The pharmacy company said it had net income of $924 million, or 86 cents per share, down from $1.27 billion, or $1.12 per share, for the same period last year. Adjusted earnings were $1.32, beating the FactSet consensus of $1.30. Revenue totaled $43.7 billion, up from $37.2 billion for the same period last year, but missing the FactSet consensus of $44.3 billion. The pharmacy company lowered its full-year EPS guidance to a range of $4.92 and $5.00 from a range of $5.24 to $5.39. Adjusted EPS is expected to be in the range of $5.81 to $5.89, up from a range of $5.73 to $5.88. The company expects third-quarter EPS in the range of $1.38 to $1.41, with adjusted EPS in the range of $1.55 and $1.58. CVS Health shares are down 4.4% for the year so far while the S&P 500 Index is up 6.2% for the year to date.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.