CVS reports increases in profit, revenue in 3Q

WOONSOCKET – CVS Health Corp. reported a 23.6 percent jump in profit, and a 15.5 percent hike in revenue, in its third-quarter earnings report released Nov. 8.

CVS said net income was $1.5 billion, or $1.43 per diluted share, compared with profit of $1.2 billion, or $1.11 per diluted share, in the 2015 third quarter.

Revenue reached $44.6 billion, versus $38.6 billion a year ago.

Larry J. Merlo, CVS president and CEO, said due to “slowing prescription growth in the overall market as well as a soft seasonal business,” the company is reducing its full-year outlook to earnings per share of $4.84 and $4.90 from previous guidance of $4.92 to $5.

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CVS on Nov. 3 announced it was laying off 600 employees nationwide, including 250 in Rhode Island, citing an increasingly competitive environment.

Looking ahead, CVS expects earnings per share between $5.16 and $5.33 in 2017. •

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