2 weeks Ago
NEW YORK — CVS Health fell short on third-quarter profit, but it posted strong sales Nov. 6, and the health care giant shook up leadership under new CEO David Joyner after a rough year that has sent its shares plunging. The company earned $87 million in the three months ended in September, down 96 percent from a year ago.
The results were weighed down by hefty restructuring charges. On an adjusted basis, earnings per share totaled $1.09, short of the average forecast of $1.
44. Revenue rose 6.3 percent to $95.
43 billion, topping estimates. CVS also named UnitedHealth executive Steve Nelson as the leader of its troubled Aetna health insurer, effective immediately. Prem Shah, who joined the company in 2013, will lead the CVS Caremark, CVS Pharmacy and Health Care Delivery businesses.
Previous CEO Karen Lynch resigned Oct. 18. TOKYO — Toyota's July-September profit sank to less than half of what it was in the same period the previous year, as a production stoppage that followed a certification scandal and recalls dented vehicle sales, the Japanese automaker said Nov.
6. Toyota Motor Corp.'s quarterly profit through September totaled $3.
7 billion. Sales for the period rose slightly to $75 billion. Toyota, which makes the Camry sedan and Lexus luxury models, apologized and suspended production on some models after acknowledging wide-ranging fraudulent testing, including the use of inadequate or outdated data in crash tests, as well as incorrect testing of airbag inflation.
Fraudulent tests were also found at Toyota group makers Hino Motors and Daihatsu Motor Co. Toyota sold more than 11 million vehicles globally the previous fiscal year. It now expects to sell 10.
85 million for this fiscal year through March. TOKYO — Honda's profits slipped nearly 20 percent to the equivalent of $3.2 billion in the first half of the fiscal year from the same period the previous year, as sales suffered in China, the Japanese automaker said Nov.
6. Although the company sold more motorcycles globally in the first fiscal half, boosted by healthy demand in Asia, its car sales fell, especially in China, officials said. Warranty costs and expenses related to quality problems, as well as higher incentives, also chipped away at profits, while foreign exchange fluctuations added drag, according to Honda.
The company did not break down quarterly numbers. Honda lowered its profit forecast for the fiscal year through March by $330 million to $6.2 billion.
NEW YORK — Beyond Meat reversed a sales slide in the third quarter, growing revenue for the first time since 2022 as it charged higher prices for its plant-based meat. The company said Nov. 6 that its revenue rose 7.
6 percent to $81 million in the July-September period. That was higher than the $80.1 million Wall Street was expecting, according to analysts polled by FactSet.
Beyond Meat said it saw a 7 percent decrease in the volume of products sold but a 15.8 percent increase in net revenue per pound. The company has been trying to rely less on discounting and position its newer burgers, sausage and grounds as premium products.
It said it narrowed its net loss to $26.6 million for the quarter from $70.5 million in the third quarter last year.
That also beat forecasts..
