Breaking News: CVS Health Stock Soars Amidst Strong Financial Performance
Strong Earnings and positive outlook
Shares of CVS Health Corporation (NYSE: CVS) surged in premarket trading on Wednesday as the healthcare giant reported impressive financial results for the fourth quarter and fiscal year 2022. The company beat analysts' estimates on both earnings and revenue.
Key Highlights
For the fourth quarter, CVS Health reported:
- Earnings per share (EPS) of $2.46, surpassing the consensus estimate of $2.40
- Revenue of $81.2 billion, slightly above the anticipated $81.1 billion
For the full year, the company achieved:
- EPS of $10.39, exceeding the consensus estimate of $10.30
- Revenue of $307.5 billion, in line with expectations
CVS Health also provided an optimistic outlook for 2023, forecasting EPS in the range of $9.90 to $10.20 and total revenue growth of approximately 3%.
Analysts attributed the strong performance to the company's diversified healthcare offerings, including its pharmacy business, health insurance operations, and retail clinics. The acquisition of Signify Health in 2022 has also contributed to CVS Health's growth in the value-based care segment.
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