Aetna boosts CVS Q3 profit by 10%

Aetna boosted CVS Health's profits by 10 percent in the third fiscal quarter, according to CNBC.

CVS, which acquired Aetna in November 2018, reported third-quarter earnings Nov. 6 that exceeded Wall Street's expectations.

The company reported a net income of $1.53 billion, up from $1.39 billion last year. Its earnings per share were $1.84, higher than the expected $1.77. Its revenue was $63.81 billion, higher than the $62.99 billion expected.

As a result of the greater-than-expected earnings, the company raised its full-year adjusted earnings forecast to between $6.97 to $7.05 per share, up from the previously estimated range of $6.89 to $7 per share, according to CNBC.

CVS is in the process of remodeling about 1,500 of its stores into HealthHUBs, which will offer more health services and products. The company expects the changes to be complete by the end of 2021.

It opened the first three HealthHUBs in Houston earlier this year, and CEO Larry Merlo reportedly told analysts that those stores have seen higher prescription sales, more MinuteClinic visits and better margins, though the company has not yet disclosed any financial metrics for the HealthHUBs, according to CNBC.

CVS also said Nov. 6 it plans to close 22 "underperforming" stores.

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