CVS Health tops Street 1Q forecasts

FILE - In this Aug. 7, 2014 file photo, shoppers leave a CVS pharmacy in the Staten Island borough of New York. CVS Health reports quarterly financial results Friday, May 1, 2015. (AP Photo/John Minchillo, File) FILE - In this Aug. 7, 2014 file photo, shoppers leave a CVS pharmacy in the Staten Island borough of New York. CVS Health reports quarterly financial results Friday, May 1, 2015. (AP Photo/John Minchillo, File)

By Associated Press May 1, 2015 1 min read

WOONSOCKET, R.I. (AP) – CVS Health Corporation (CVS) on Friday reported first-quarter earnings of $1.22 billion.

The Woonsocket, Rhode Island-based company said it had profit of $1.07 per share. Earnings, adjusted for one-time gains and costs, were $1.14 per share.

The results topped Wall Street expectations. The average estimate of 20 analysts surveyed by Zacks Investment Research was for earnings of $1.08 per share.

The drugstore chain and pharmacy benefits manager posted revenue of $36.33 billion in the period, also exceeding Street forecasts. Nineteen analysts surveyed by Zacks expected $35.92 billion.

For the current quarter ending in June, CVS Health expects its per-share earnings to range from $1.17 to $1.20. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.25.