CVS Cuts Top End of 2010 Guidance
NEW YORK (
) --
CVS Caremark
(CVS) - Get Report
is in the red after the drugstore reported a 20% drop in third-quarter earnings and cut the top-end of its full-year outlook.
CVS now expects full-year earnings in the range of $2.68 to $2.70 a share. It previously predicted the high-end of its forecast at $2.73 a share.
During the quarter, CVS earned $809 million, or 60 cents a share, compared with $1.02 billion, or 71 cents, in the year-ago period. Excluding items, the company actually earned 65 cents a share, matching consensus estimates.
CVS revenue fell 3.1% to $23.88 billion, due in part to lost pharmacy benefit contracts.
Shares of CVS are slipping 2.7% to $29.72 before the bell.
--Written by Jeanine Poggi in New York.
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