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Economy

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CVS Caremark’s 4Q Profit Rises 6 Percent

February 6th, 2013 12:29 pm Associated Press

WOONSOCKET, R.I. (AP) — CVS Caremark says its fourth-quarter net income climbed 6 percent, and the drugstore operator and pharmacy benefits manager raised its earnings forecast for 2013.

The Woonsocket, R.I., company says it earned $1.13 billion, or 90 cents per share, in the three months that ended Dec. 31. That compares with earnings of $1.06 billion, or 81 cents per share, in the same period in 2011.

Adjusted earnings totaled $1.14 per share, not counting a loss from the early extinguishment of some debt.

Revenue climbed nearly 11 percent to $31.39 billion.

Analysts expect earnings of $1.10 per share on $31.14 billion in revenue.

The company now predicts 2013 adjusted earnings of $3.86 to $4 per share, a two-cent increase from its previous forecast. Analysts expect $3.92 per share, on average.