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Highlights:
- CVS Health Corporation beats Wall Street estimates in Q1 2022 earnings report.
- CVS reported total revenue of US$76.8 billion in Q1 FY-2022.
- CVS’s GAAP diluted earnings per share (EPS) remained at US$1.74.
CVS Health Corporation (NYSE:CVS) on Wednesday posted strong first-quarter results for fiscal 2022, beating Wall Street estimates. CVS’s total revenues for the first quarter FY-2022, soared to US$76.8 billion, up 11.2% compared to the year-ago quarter.
The leading health solutions company, CVS posted a GAAP diluted earnings per share (EPS) of US$1.74 and Adjusted EPS of US$2.22
CVS’s first-quarter operating income remained at US$3.49 billion compared to US$3.5 billion in the same quarter a year earlier.
Karen S. Lynch, CVS Health President, and CEO said, “We once again showed the power of our purpose and potential, building on our strong momentum and raising full-year guidance as a result."
He said that the company’s strategy benefits both, the consumers, and shareholders while improving access to ‘affordable, convenient, and personalized health care.
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Key achievements of 2022 first quarter
CVS Health Corporation was at the forefront in addressing the nation’s pandemic response. It successfully administered over six million COVID-19 tests and provided more than eight million COVID-19 vaccine doses in the first quarter of 2022.
The company raised the quarterly dividend by 10% from February 1, 2022. As a result, it returned US$722 million to shareholders in the reported quarter.
CVS also bought back stock for the first time since 2017 by repurchasing approximately 19.1 million shares of common stock in the first quarter.
CVS 2022 Full-Year Guidance
On a GAAP basis, the company now expects its diluted EPS to be between US$6.93 and US$7.13 in fiscal 2022, down from its previous guidance range of US$7.04 to US$7.24. As for the full-year 2022 Adjusted EPS guidance range, it raised to US$8.20 to US$8.40 from US$8.10 to US$8.30.
The Company also revealed its full-year 2022 cash flow from operations guidance range of US$12.0 billion to US$13.0 billion.
Bottom line:
CVS has a market cap of US$132.40 billion, a P/E ratio of 16.89, and a forward one-year P/E ratio of 11.66. Its EPS is US$5.96.
The 52-week highest and lowest stock prices were US$111.25 and US$78.75, respectively. Its trading volume was 5,894,367 on May 3.
