Business

CVS Caremark 1Q profit jumps 18 percent

Posted May 02, 2014 1:01 am

Associated Press

CVS Caremark says its first-quarter earnings jumped 18 percent as generic drugs and an acquisition helped the drugstore and pharmacy benefits manager weather rough winter storms and a later Easter holiday.

It topped profit and revenue expectations, sending shares higher in premarket trading Friday.

The Woonsocket company, with local business operations in Northbrook, Mount Prospect, Bannockburn and Lincolnshire, reaffirmed its 2014 forecast for adjusted earnings of between $4.36 and $4.50 per share.

CVS Caremark Corp. earned $1.13 billion, or 95 cents per share. That compares with earnings of $954 million, or 77 cents per share, in last year's quarter. Revenue climbed 6 percent to $32.69 billion.

Adjusted results totaled $1.02 per share.

Analysts expect earnings of $1.04 per share on about $32.3 billion in revenue.

Generic drugs have improved the profitability of drugstore operators like CVS Caremark for several quarters.

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