CVS Health (NYSE:CVS) unveiled financial results for the fourth quarter and reduced its earnings outlook for 2024.
The stock initially fell in premarket trading before bouncing back into the green.
For FQ4 2023, the company reported earnings per share (EPS) of $2.12, topping the consensus projection of $1.98. Revenue came in at $93.81 billion, also above the estimated $90.25 billion.
Health services revenue stood at $49.15 billion, compared to the $45.96 billion expected by analysts.
For the full fiscal 2024, CVS Health expects adjusted EPS of at least $8.30, down from $8.50, while the consensus was $8.47.
Cash flow from operations is anticipated to be at least $12 billion, down from the previous guidance of $12.5 billion. Both forecasts were short of Wall Street’s projection of $13.29 billion.
"With a focus on delivering care and value, we had a strong fourth quarter and full year in 2023 as we build a world of health around every consumer. We will continue to drive affordable access to care when, where, and how people want, while we improve transparency throughout the health care system," said Karen S. Lynch, CVS Health President and CEO.