Business

CVS Caremark 3Q profit rises 25 percent

Posted November 05, 2013 6:05 am

Associated Press

WOONSOCKET, R.I. — CVS Caremark says its third-quarter net income climbed 25 percent in performance that beat Wall Street expectations. The drugstore operator and pharmacy benefits manager also raised its 2013 earnings forecast.

The Woonsocket, R.I., company says it earned $1.25 billion, or $1.02 per share, in the quarter that ended Sept. 30. That compares with $1.01 billion, or 79 cents per share, last year. Revenue climbed nearly 6 percent to $31.97 billion.

Adjusted earnings totaled $1.05 per share. Analysts expected $1.02 per share on about $31.52 billion in revenue.

The company now expects adjusted 2013 earnings to range between $3.98 and $4.01 per share after saying in August it expected $3.90 to $3.96 per share.

Analysts had forecast $3.95 per share.

CVS Caremark Corp. runs the second-largest U.S. drugstore chain behind Deerfield-based Walgreen.

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