CVS 2Q profit increases 11 percent, tops forecast

MarketsAssociated Press

CVS Caremark Corp. (CVS) on Tuesday reported net income that rose by 11 percent in its second quarter, and topped analysts' expectations.

The Woonsocket, Rhode Island-based company said profit increased to $1.25 billion, or $1.06 per share, from $1.12 billion, or 91 cents per share, in the same quarter a year ago.

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Earnings, adjusted for amortization costs, came to $1.13 per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.10 per share.

The company said revenue climbed 11 percent to $34.6 billion from $31.25 billion in the same quarter a year ago, and beat Wall Street forecasts. Analysts expected $33.42 billion, according to Zacks.

CVS shares have climbed $5.80, or 8.1 percent, to $77.37 since the beginning of the year, while the Standard & Poor's 500 index has risen 4.9 percent. The stock has increased $15.53, or 25 percent, in the last 12 months.