CVS Caremark 1Q profit jumps 18 percent

Staff Writer
Columbus CEO

WOONSOCKET, R.I. (AP) — 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.

It topped profit and revenue expectations, sending shares higher in premarket trading Friday.

The Woonsocket company 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.