CVS Caremark Posts Record Quarterly Revenue, Ups Guidance
CVS Caremark (NYS: CVS) took in a record $30 billion in revenue and netted a profit of $1 billion in the third quarter, the company announced today. Those figures were 13% and 16% higher on a year-over-year basis, respectively. The revenue increase was helped by CVS' take from pharmacy services, which advanced 22% in the same time frame.
The company's retail pharmacy segment benefited in the quarter from a now-resolved contractual dispute between rival Walgreen (NYS: WAG) and pharmacy benefits management concern Express Scripts Holding (NAS: ESRX) that pushed many Walgreen customers to other pharmacies.
Buoyed by the strong results, the anticipated benefit of an accelerated share repurchase program, and optimism about keeping customers snagged from Walgreen, CVS raised and narrowed its guidance for fiscal 2012. The company now expects per-share earnings of $3.38 to $3.41 for the full year, up from the $3.32-$3.38 it previously anticipated.
The article CVS Caremark Posts Record Quarterly Revenue, Ups Guidance originally appeared on Fool.com.Eric Volkman has no positions in the stocks mentioned above. The Motley Fool owns shares of Express Scripts. Motley Fool newsletter services recommend Express Scripts. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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