CVS Caremark Corp., which has stores throughout Connecticut, said today its third-quarter profit jumped 39 percent to more than $1 billion on a boost from pharmacy benefits services and drugstore sales.
The Woonsocket, R.I., company says profit jumped to $1.02 billion, or 71 cents per share, from $732.5 million, or 50 cents per share, a year prior. Net revenue rose 18 percent to $24.64 billion from $20.86 billion.
Excluding a tax benefit of 11 cents per share, adjusted profit from continuing operations totaled 65 cents per share.
Analysts expected 64 cents per share in profit and $24.61 billion in revenue.
Revenue at CVS drugstores rose 17.9 percent, with sales at stores open at least a year rising 5.7 percent. Meanwhile, revenue from Caremark pharmacy benefits management business rose 23.4 percent. The company said pharmacy network claims processed rose 9 percent to 146.5 million during the quarter, while mail choice claims rose 11.4 percent to 16.4 million.
Looking ahead, the company narrowed its adjusted profit forecast to between $2.61 and $2.64 per share from prior guidance of $2.59 to $2.64 per share. Analysts expect profit of $2.62 per share. (AP)
