Caremark Beats Estimates - TheStreet

Caremark Beats Estimates

Revenue rises 11%.
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Fourth-quarter profit edged higher at Caremark (CMX) , beating analysts' estimates, as revenue rose 11%.

The pharmacy benefit manager said late Tuesday that net income rose to $301.5 mllion, or 71 cents a share, from $290.7 million, or 64 cents a share, a year earlier.

Analysts had expected the company to earn 69 cents a share.

Net revenue was $9.3 billion, essentially in line with Wall Street estimates, driven by an increase in retail and mail sales, including the addition of Medicare Part D and other new client revenue.

For the first quarter, Caremark expects to earn 68 cents a share, above the current analysts' estimate of 63 cents a share.

For the full year, the company projects earnings of $2.89 to $2.92 a share, above the Street forecast of $2.83 a share. The guidance doesn't include expenses related to the company's proposed merger with

CVS

(CVS) - Get Report

.

Shares of Caremark closed Tuesday at $63.43, up 13 cents.