In the news: Earnings from CVS, Toyota and Office Depot and Blackberry finishes restructuring

By Bobby Raines,

Shutterstock photo

Headlines for Tuesday morning include earnings from CVS, Toyota Motors and Office Depot, Blackberry finishing its restructuring plan and Walgreen's CFO leaving before the company decides on a possible tax inversion.


Drugstore chain CVS ( CVS ) said Tuesday that it earned $1.06 per share in the second quarter, or $1.13 per share on an adjusted basis. Analysts had expected the company to earn $1.10 per share. Revenue was $34.6 billion, compared to estimates for $33.42 billion. The company's outperformance on the top and bottom lines came as same-store sales rose by 3.3, despite the company ending sales of cigarettes in its retail stores. The company also increased its adjusted earnings forecast for the year to $4.43 to $4.51 per share, from a prior estimate for $4.36 to $4.50 per share. Analysts expect the company to earn $4.46 per share.

Toyota Motors

Japanese automaker Toyota ( TM ) said Tuesday that it earned $5.7 billion in the second quarter on $62.3 billion in sales. Those figures topped analysts' estimates. Takou Saskai, a managing officer at the company, said the company's results were boosted by a weak yen and cost reduction efforts. The company did cuts its forecast of sales for the year, saying it now expects to sell 110,000 fewer vehicles this year than it targeted in January at 10.22 million.

Office Depot

Office-supply retailer Office Depot ( ODP ) said Tuesday that it lost 36 cents per share in the second quarter, or 2 cents per share on an adjusted basis. Revenue was $3.8 billion. Analysts had expected the company to lost 2 cents per share on revenue of $3.809 billion. The company said it still expects to close at least 400 stores in the U.S. by the end of 2016.


Former smartphone industry leader Blackberry ( BBRY ) is done with its restructuring process according to an internal memo obtained by Reuters. The memo from CEO John Chen, said the company will be "adding headcount in certain areas" unless there is an unexpected downturn in the market. Blackberry could be hiring in product development, sales and customer service.


Drugstore chain Walgreens ( WAG ) said Monday that CFO Wade Miquelon will leave the company. Miquelon's departure comes ahead of the company's announcement of a decision on whether or not it will redomicile itself outside of the United States to reduce its tax bill. Miquelon will be replaced by Timothy McLevish, who was formerly an executive at Kraft Foods Group (KRFT).

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , Earnings , Taxes
Referenced Stocks: CVS , TM , ODP , BBRY , WAG

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