CVS Health Cuts FY23 Earnings View, Backs Adj. EPS Forecast - Update

(RTTNews) - CVS Health Corp. (CVS) on Wednesday trimmed its forecast for fiscal 2023 earnings on a reported basis, while maintained adjusted earnings view.

For fiscal 2023, the company now expects GAAP earnings per share in a range of $6.37 to $6.61, lower than previous estimate of $6.53 to $6.75.

Further, the company confirmed its full-year adjusted earnings per share guidance range of $8.50 to $8.70.

On average, 25 analysts polled by Thomson Reuters expect earnings of $8.58 per share for the year. Analysts' estimates typically exclude special items.

CVS also confirmed its full-year 2023 cash flow from operations guidance range of $12.5 billion to $13.5 billion.

In its third quarter, CVS recorded net income of $2.26 billion or $1.75 per share, compared to last year's loss of $3.41 billion or $2.59 per share.

Adjusted earnings were $2.85 billion or $2.21 per share for the period, compared to $2.17 per share last year. Analysts projected $2.13 per share.

Revenue increased to $89.76 billion from $81.16 billion in the same period last year.

In pre-market activity on the NYSE, the shares were losing around 1.2 percent to trade at $68.20.

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