By Patrick Thomas
CVS Health Corp. reported a stronger-than-expected adjusted profit in the third quarter and raised its outlook for earnings.
The company on Wednesday posted net income of $1.53 billion, or $1.17 a share, compared with $1.39 billion, or $1.36 a share, a year ago.
Excluding certain items, CVS posted an adjusted profit of $1.84 a share. Analysts polled by FactSet were expecting earnings of $1.25 a share, or $1.77 a share on an adjusted basis.
Shares of the company ticked up 3.2% during premarket trading.
Revenue rose to $64.81 billion from $47.49 billion a year earlier. Analysts had expected $63.01 billion in revenue for the quarter, according to FactSet
CVS said its pharmacy-services business, which offers pharmacy benefit services to employers, health plans and employee groups, recorded revenue of $36.02 billion in the quarter, up about 6% versus a year ago.
Its retail business, filling prescription medications and selling a range of merchandise, saw revenue increase 3% to $21.47 billion. Prescription volumes grew 6.4% from a year earlier.
The company's health-care benefits business, housing Aetna, reported revenue of $17.18 billion.
CVS also said it now expects to post an adjusted profit between $6.97 and $7.05 a share for the year, compared with its previous outlook of between $6.89 and $7 a share.
Write to Patrick Thomas at Patrick.Thomas@wsj.com