(RTTNews) - While reporting financial results for the second quarter on Wednesday, CVS Health Corp. (CVS) raised its earnings and adjusted earnings guidance for the full-year 2020, reflecting an update to its estimated full year effective income tax rate.
For fiscal 2020, the company now projects earnings in a range of $5.59 to $5.72 per share and adjusted earnings in a range of $7.14 to $7.27 per share.
Previously, the company expected earnings in the range of $5.47 to $5.60 per share and adjusted earnings in the range of $7.04 to $7.17 per share.
On average, 26 analysts polled by Thomson Reuters expect the company to report earnings of $7.16 per share for the year. Analysts' estimates typically exclude special items.
The Company projects higher utilization in its Health Care Benefits segment in the second half of 2020 than in the first half of 2020 and continued significant COVID-19 related investments, including operating costs, in the remainder of the year.
Further, the company also raised its full year cash flow from operations guidance range to $11.0 billion to $11.5 billion from $10.5 billion to $11.0 billion.
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