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CVS posts strong Q4 numbers, but pandemic weighs on results

CVS posts strong Q4 numbers, but pandemic weighs on results

ECONOMIC NEWS

CVS posts strong Q4 numbers, but pandemic weighs on results

CVS is reporting surprisingly strong profit and revenue numbers for the fourth quarter, though the pandemic dragged adjusted operating income down by 21.8%ByThe Associated PressFebruary 16, 2021, 12:10 PM• 1 min readShare to FacebookShare to TwitterEmail this articleWOONSOCKET, R.I. — CVS is reporting surprisingly strong profit and revenue numbers for the fourth quarter, though the pandemic dragged adjusted operating income down by 21.8%.Surging infections in the U.S. negatively affected the drugstore chain’s retail and benefits segments for the quarter that ended on Dec. 31. That was offset somewhat by a strong performance at the pharmacy counter.The Woonsocket, Rhode Island, company on Tuesday reported net income of $973 million. Per-share earnings were 74 cents, but $1.30 when adjusted for one-time gains and costs.That’s six cents better per-share than Wall Street had expected, according to a survey by Zacks Investment Research.Revenue was $69.55 billion, also beating analyst projections handily.CVS Health expects full-year earnings in the range of $7.39 to $7.55 per share. Wall Street is looking for an average of $7.54 for 2021.Shares are up less than 2% before the opening bell.—————A portion of this story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CVS at https://www.zacks.com/ap/CVS


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