CVS beats all around and ups expectations for the year

WOONSOCKET, R.I. (AP) — CVS Health is reporting a 42% spike in profits during the first quarter and it's raising its outlook for the year.

The drug store chain posted earnings of $1.42 billion, or $1.09 per share. Earnings, adjusted for one-time gains and costs, were $1.62 per share, which is 12 cents better than expected, according to a survey by Zacks Investment Research.

Revenue was $61.65 billion, also exceeding Street forecasts.

CVS Health Corp. upped its full year operating income expectations on Wednesday from a range of $11.7 billion to $12.1 billion, to between $11.8 billion and $12 billion.

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Portions of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CVS at https://www.zacks.com/ap/CVS