CVS Caremark Corp. (CVS) reported that its first-quarter net income attributable to the company was $956 million or $0.77 per share, up from $776 million or $0.59 per share in the same quarter last year.
Income from continuing operations attributable to the company increased 23.1%, or $179 million, to $956 million, compared with $777 million last year. The increase in income from continuing operations was primarily driven by the positive impact from new generics, which significantly improved operating profit in both our Pharmacy Services and Retail Pharmacy segments.
Adjusted income from continuing operations attributable to the company increased to $1.031 billion from last year's $ 849 million, with Adjusted earnings per share rising to $0.83 from the prior year's $0.65. Analysts polled by Thomson Reuters expected the company to report earnings of $0.79 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenues for the quarter were $30.763 billion compared to $30.798 billion in the prior year quarter. Eight analysts had consensus revenue estimate of $30.36 billion for the quarter.
The company expects second quarter Adjusted earnings per share to be in the range of $0.94 to $0.97 and GAAP earnings per share from continuing operations guidance of $0.88 to $0.91. Analysts expect the company to report earnings of $0.94 per share for the second-quarter.
The Company currently expects to deliver Adjusted earnings per share of $3.89 to $4.00 and GAAP earnings per share from continuing operations of $3.64 to $3.75 per share in 2013. Earlier, the company expected to deliver Adjusted earnings per share of $3.86 to $4.00 and GAAP earnings per share from continuing operations of $3.61 to $3.75 per share in 2013. Analysts expect the company to report earnings of $3.97 per share for fiscal 2013.
The current guidance includes the estimated impact on its Medicare Part D business from sequestration. It also includes costs in its Medicare Part D business associated with resolving issues that arose following plan consolidation at the beginning of the year.
The company said it narrowed its earnings guidance range for the full year 2013 to reflect the solid first quarter performance to date and the outlook for the remainder of the year.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.