Business

CVS Caremark’s 2Q profit climbs 16 percent

Posted August 06, 2013 6:44 am

Associated Press

WOONSOCKET, R.I. — CVS Caremark says its second-quarter earnings climbed 16 percent, as the company booked revenue gains from both its drugstore and pharmacy benefits management sides.

The Woonsocket, R.I., company also says it is narrowing its 2013 earnings forecast in part to account for share repurchases.

CVS Caremark earned $1.12 billion, or 91 cents per share, in the quarter. That’s up from $966 million, or 75 cents per share, a year ago. Adjusted earnings totaled 97 cents per share. Analysts expected 96 cents per share.

Revenue rose about 2 percent to $31.25 billion. Analysts expected $31.14 billion in revenue.

The nation’s second-largest drugstore chain now expects 2013 adjusted earnings of $3.90 to $3.96 per share. That compares a previous forecast for $3.89 to $4 per share.

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