CVS Caremark Q1 Profit Up 18 Percent
CVS Caremark says its first-quarter earnings jumped 18 percent as generic drugs and an acquisition helped the drugstore and pharmacy benefits manager weather rough winter storms and a later Easter holiday.
The Woonsocket company also reaffirmed its 2014 forecast for adjusted earnings of between $4.36 and $4.50 per share.
CVS Caremark Corp. earned $1.13 billion, or 95 cents per share. That compares with earnings of $954 million, or 77 cents per share, in last year’s quarter. Revenue climbed 6 percent to $32.69 billion.
Adjusted results totaled $1.02 per share.
Analysts expect earnings of $1.04 per share on about $32.3 billion in revenue.
Generic drugs have improved the profitability of drugstore operators like CVS Caremark for several quarters.