Business

CVS Caremark 3Q profit up 16 pct. as sales rise

Posted November 06, 2012 6:06 am

Associated Press

WOONSOCKET, R.I. — CVS Caremark says its third-quarter earnings climbed 16 percent. The drugstore operator and pharmacy benefits manager posted revenue increases in both businesses. The company also raised its full-year earnings outlook.

The Woonsocket, R.I., company says it earned $1.01 billion, or 79 cents per share, in the three months that ended Sept. 30. That compares with earnings of $868 million, or 65 cents per share, in last year’s quarter. Adjusted earnings were 85 cents per share, 2 cents better than analysts expected.

Revenue jumped 13 percent to $30.2 billion, above the $30.09 billion analysts expected.

CVS Caremark Corp. says revenue from pharmacy services climbed 22 percent, while revenue from drugstores rose 5.5 percent.

CVS Caremark runs the second-largest chain of drugstores in the U.S., after Walgreen Co.

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