CVS Health shares down 3.6% in Wednesday trading

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CVS shares rise after profit beat, upbeat 2018 guidance

CVS Health Corp. shares rose 1.5% in premarket trade Wednesday after the company reported a first-quarter profit beat and upbeat 2018 guidance. Earnings for the latest quarter rose to $998 million, or 98 cents per share, from $953 million, or 92 cents per share in the year-earlier period. Adjusted earnings-per-share were $1.48, compared with the FactSet consensus of $1.41. The latest earnings results include a $153 million increase in operating profit and a $221 million interest expense increase related to the company’s planned Aetna acquisition. Revenue rose to $45.69 billion from $44.51 billion, compared with the FactSet consensus of $45.8 billion. CVS expects 2018 EPS of $5.11 to $5.32 and 2018 adjusted EPS of $6.87 to $7.08, above the FactSet consensus of $6.47. In the second quarter, CVS expects EPS of $1.21 to $1.26 and adjusted EPS of $1.59 to $1.64. CVS also said it received a second request for information from the Department of Justice in February regarding the Aetna acquisition; it still expects the transaction to close by the second half of the year. CVS shares have dropped 11% over the last three months, compared with a nearly 4% drop in the S&P 500 and a 5.6% drop in the Dow Jones Industrial Average .

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