CVS Caremark Profit Climbs; Boosts Full-Year Outlook |
| CNBC - Nov 6, 2012 |
CVS Caremark posted higher quarterly earnings on Tuesday and raised its guidance for the full year, citing higher drugstore chain sales and an increase in pharmacy benefit clients.
CVS, the No. 2 U.S. drugstore chain, reported third-quarter earning of $1.01 billion, or 79 cents a share, up from $868 million, or 65 cents a share, in year-earlier period.
On an adjusted basis, which excludes intangible asset amortization related to acquisitions, CVS earned 85 cents per share. That topped analysts' expectations of 84 cents per share, according to Thomson Reuters I/B/E/S, and was ahead of the company's forecast of 81 cents to 83 cents per share.
CVS said it now expects to post adjusted earnings per share of $3.38 to $3.41 in 2012, up from its prior guidance of $3.32 to $3.38.
Revenue rose 13.3 percent to $30.23 billion, ahead of analysts' average forecast of $30.09 billion.
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- Posted: 2012-11-06 14:02:55
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