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CVS stocks jump premarket after earnings expectations, company raises guidance for the year

CVS Health Corp. shares CVS,
+ 1.75%
Up 3.8% in premarket trading Wednesday, after the drugstore chain broke second-quarter estimates and raised its full-year forecast, despite the impact of the coronavirus pandemic on its operations. The company had a net result of $ 2.966 billion, or $ 2.26 per share, up from $ 1.931 billion or $ 1.49 per share last year. Adjusted earnings per share came in at $ 2.64, well ahead of the $ 1.91 FactSet consensus. Revenue increased from $ 63.431 billion to $ 65.341 billion, also ahead of the FactSet consensus of $ 64.004 billion. The company said that the COVID-19 pandemic had a negative impact on sales in the retail and pharmacy services segments, mainly due to fewer new therapy prescriptions due to lower supplier visits. Front store sales were negatively impacted by orders in place. CVS raised the full year EPS guidance and now expects it to range from $ 5.59 to $ 5.72, up from a previous range of $ 5.47 to $ 5.60. It expects the custom EPS to range from $ 7.14 to $ 7.27 versus an earlier range from $ 7.04 to $ 7.17. Shares have fallen by 13% in the past year, while the S&P 500 SPX,
+ 0.36%
has won 2.3%.