HomeIndustriesCVS Health Beats Q2 Profit Estimates

CVS Health Beats Q2 Profit Estimates

CVS Health Corp posted its second-quarter earnings on Wednesday, beating Wall Street expectations. The pharmaceutical chain reported a profit of $2.21 per share, beating analysts’ estimates of $2.11 per share.

Sales for the company’s health services segment rose 7.6% to $46.22 billion compared to the same quarter a year earlier. This includes sales at the company’s retail pharmacy chain as well as its pharmacy benefit management (PBM) business units.

Despite the group’s strong second-quarter results, CVS expressed concern over its costs for the quarter. Following the company’s acquisitions of primary-care provider Oak Street Health and home healthcare services firm Signify Health, CVS announced that it would begin to roll out a cost-cutting program.

The company recorded a further $496 million in pre-tax charges related to its cost-cutting agenda which began during the second quarter. CVS added that it would be pausing any acquisitions in the near term to keep costs minimal.

Home Sales Plummeted in August According to Pending Data

Pending home sales for August were down 7.1% from the previous month, data from the National Association of Realtors revealed. This far outpaces the...

Stocks Fall After the Release of GDP Data

U.S. stocks declined on Thursday as investors digested the latest round of GDP data. Estimates on Thursday showed that the U.S. economy's GDP for...

Hyundai and Kia Recall Over 3 Million Vehicles Due to Fire Risk

Hyundai and Kia are in the process of recalling over 3.4 million vehicles in the United States due to a fire risk. Both automakers...