CVS posts $1.1B net income for 2Q

WOONSOCKET – CVS Health Corp. reported a $1.1 billion net income for the second quarter of 2017 Wednesday, an 18.8 percent increase year over year.

The company reported a revenue of $45.7 billion for the quarter, nearly a $2 billion increase from a year prior.

Diluted earnings per share for the quarter were $1.07.

“The second-quarter results we posted today keep us nicely on pace to achieve our full-year targets. Operating profit in the Retail/LTC Segment was in line with expectations while operating profit in the Pharmacy Services Segment exceeded expectations,” President and CEO Larry Merlo said in a news release.

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The company’s Retail/LTC segment reported a year-over-year decline of 2.2 percent to $19.6 billion; CVS Health Corp.’s Pharmacy Services segment revenue increased 9.5 percent to $32.3 billion in the quarter. Operating expenses also increased $20 million year over year in the quarter.

“At the same time, we have generated substantial free cash flow year-to-date and continued to return significant value to our shareholders through dividends and share repurchases. While we are pleased to report results consistent with our expectations, we won’t be satisfied until the total enterprise returns to healthy levels of earnings growth,” Merlo said.

Chris Bergenheim is the PBN web editor.