CVS Quarterly Earnings Increase 16%

Aug. 07, 2013 10:55 AM ETCVS
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Contributor Since 2013

Aaron Spatz is the writer of SEC Live Filings Digest, detailing the news of companies trading on U.S. stock exchanges. The Filings Digest is but one component of the greater website SEC Live, which specializes in making SEC filings easy to read, research, navigate, and much more.

Originally published at www.seclive.com

Filing in Focus: CVS Caremark 10-Q, August 6, 2013

CVS Caremark Corporation (CVS) announced its second quarter financial results, reporting a 16% increase in earnings for the quarter. The pharmacy giant reported earnings of $1.12B, an increase from last year this quarter with $966M while earnings per share increased from $0.75 to $0.91 per share. CVS revenue increased 2% to $31.25B, exceeding analyst predictions of $31.14B, which the company attributes to its new generic drug sales. Despite the strong performance, the company's stock fell nearly 3% after CVS concurrently tightened its annual earnings forecast, from the original $3.89 to $4.00 per share to now $3.90 to $3.96 per share. CVS executives also told analysts that it expects enrollment in its SilverScript Medicare prescription drug program to drop following sanctions imposed by the Centers for Medicaid and Medicare Services. Additionally, the company reported it will pay $20M to resolve an SEC investigation involving public disclosures and securities deals with employees.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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