CVS Health’s stock up after earnings beat, but company lowers full-year EPS guidance

CVS Health Corp.’s stock CVS, +1.47% was up 0.8% premarket Wednesday, after the drug store chain posted stronger-than-expected third-quarter earnings, shrugging off lower profit guidance for the full year. The company had net income of $2.265 billion, or $1.75 a share, for the quarter, after a loss of $3.399 billion, or $2.59 a share, in the year-earlier period. Adjusted per-share earnings came to $2.

21, ahead of the $2.13 FactSet consensus. Revenue rose to $89.764 billion from $81.159 billion, also ahead of the $88.287 billion FactSet consensus. The company is now expecting full-year EPS to range from $6.37 to $6.61, down from prior guidance of $6.53 to $6.75. Adjusted EPS is still expected at $8.50 to $8.70. The stock has fallen 26% in the year to date, while the S&P 500 SPX, +0.65% has gained 9%.

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