CVS Caremark’s 3rd quarter profit jumps 16 pct. as drugstore, pharmacy services revenue rise

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This Nov. 1, 2011 photo, shows a newly opened CVS pharmacy is shown in Hialeah Gardens, Fla. THE CANADIAN PRESS/AP, Wilfredo Lee

WOONSOCKET, R.I. – CVS Caremark says its third-quarter earnings climbed 16 per cent. 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 per cent to $30.2 billion, above the $30.09 billion analysts expected.

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

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

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