PYMNTS.com May 1, 2024
The volatile consumer healthcare sector showed up big in CVS’ Q1 earnings Wednesday (May 1), with solid revenue from its store operations but a warning about revenue projections due to its foray into the insurance sector.
By the numbers, CVS Health reported first-quarter revenues of approximately $88 billion, marking a 4% increase year-over-year. However, the more concerning figure was the adjusted earnings per share (EPS) of $1.31, well below analysts’ projections of about $1.69, according to the Associated Press. Net income for the quarter was $1.12 billion, or 88 cents a share, down from $2.14 billion, or $1.65 a share, a year ago.
The primary drag on profitability stemmed from the company’s healthcare benefits segment, particularly Medicare Advantage. Increased...
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