Express Scripts 2nd-quarter profit drops 5.1 percent, beats estimate

MarketsAssociated Press

Express Scripts Holding Co. (ESRX) on Tuesday reported net income that decreased by 5.1 percent in its second quarter, and beat analysts' expectations.

The St. Louis-based company said earnings dropped to $515.2 million from $543 million. On a per-share basis its income rose to 67 cents from 66 cents because of a stock repurchase that decreased its share count.

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Earnings, adjusted for amortization costs and non-recurring items, came to $1.23 per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.22 per share.

The company said revenue declined 4.8 percent to $25.11 billion from $26.38 billion in the same quarter a year ago, and topped Wall Street forecasts. Analysts expected $24.38 billion, according to Zacks.

Express Scripts shares have fallen $2.96, or 4.2 percent, to $67.28 since the beginning of the year, while the Standard & Poor's 500 index has climbed 6.6 percent. However, the stock has risen $2.34, or 3.6 percent, in the last 12 months.