Reports Q3 revenue $95.43B, consensus $92.75B. During Q3, the company finalized an enterprise-wide restructuring plan intended to streamline and simplify the organization, improve efficiency and reduce costs. In connection with this restructuring plan, during the three months ended September 30, the company recorded restructuring charges of approximately $1.2B, comprised of a $607M store impairment charge for additional retail pharmacy stores it plans to close in 2025, $293M of costs associated with corporate workforce optimization, including severance and employee-related costs, and $269M of other asset impairments and related charges associated with the discontinuation of certain non-core assets. The company said, “Our integrated model accelerates our ability to uniquely do what is most important to today’s health care consumers: deliver lower cost of care, a simpler experience and better outcomes. Our third quarter results reflect strong performance in the Health Services and Pharmacy & Consumer Wellness segments, and also highlight the continued need to work across our enterprise and address macro challenges to the Health Care Benefits segment. My commitment to our CVS Health (CVS) colleagues and our customers is to drive focused execution of our integrated strategy to improve the health of the 185 million people we are privileged to serve.”
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CVS:
- Notable companies reporting before tomorrow’s open
- Options Volatility and Implied Earnings Moves This Week, November 04 – November 08, 2024
- CVS Health price target lowered to $60 from $61 at Wells Fargo
- CVS Health (CVS) Q3 Earnings Preview: Here’s What to Expect
- CVS Earnings this Week: How Will it Perform?