CVS Raises Full-Year Guidance After Higher 2Q Profit
August 05 2020 - 07:26AM
Dow Jones News
By Dave Sebastian
CVS Health Corp. raised its full-year guidance as it posted
higher profit for the second quarter, partly benefiting from
deferred elective procedures related to its insurance business amid
Covid-19 shelter-in-place measures.
The pharmacy chain now expects earnings of $5.59 a share to
$5.72 a share, or $7.14 a share to $7.27 a share on an adjusted
basis. It previously expected earnings of $5.47 a share to $5.60 a
share, or $7.04 a share to $7.17 a share on an adjusted basis.
It expects cash flow from operations of $11 billion to $11.5
billion for the year, up from $10.5 billion to $11 billion it had
previously guided for.
CVS said it projects higher use in its health-care benefits
segment for the rest of the year.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
August 05, 2020 07:11 ET (11:11 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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