Caremark Meets Expectations, Raises 2001 Guidance

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Caremark

(CMX)

posted fourth-quarter earnings on Monday that met analysts' expectations and boosted its full-year earnings forecast for 2001.

The prescription benefits management firm earned 14 cents a share, in line with the 13-analyst consensus compiled by

First Call/Thomson Financial

, and up from 10 cents in the year ago period. Revenue was $1.2 billion, a 32% increase over the $913 million reported in the fourth quarter of 1999.

Caremark, based in Birmingham, Ala., projected earnings of 13 cents a share for the first quarter of 2001, in line with analysts' estimates, and said full-year earnings would be 60 cents to 62 cents a share. Analysts on average expect the company to earn 60 cents for the year.

In recent trading on the

New York Stock Exchange

, Caremark gained 22 cents, or 1.7%, to $13.20.