CVS Caremark’s 3rd-quarter profit rises 25 per cent; drugstore operator raises 2013 forecast
WOONSOCKET, R.I. – CVS Caremark says its third-quarter net income climbed 25 per cent 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 per cent to $31.97 billion.
Adjusted earnings totalled $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 Walgreen.
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