Aetna deal begins to pay off for CVS

CVS storefront. File photo by Steve Klamkin WPRO News

WOONSOCKET, R.I. (AP) – CVS swung back to a profit in the second quarter and easily beat expectations thanks in part to its acquisition of the health insurer Aetna.
The drugstore on Wednesday reported profits of $1.94 billion, or $1.49 per share. Earnings, adjusted for one-time items, were $1.89 per share, which was 19 cents better than expected, according to a survey by Zacks Investment Research.
Its revenue of $63.43 billion also topped expectations of $62.61 billion.
For the full year, Wall Street expects earnings of $6.84 per share.
CVS Health Corp. reaffirmed in June its forecast for per-share earnings between $6.75 and $6.90.