FRANKLIN LAKES, N.J. (
Medco Health Solutions
posted a third-quarter profit that beat expectations and offered a positive earnings outlook for 2009 and 2010.
Medco said it had net income of $335.6 million, or 69 cents a share, for the quarter ended Sept. 26, rising from year-ago earnings of $295.7 million, or 58 cents a share.
Excluding a amortization charges, Medco said it earned 75 cents in the quarter, beating the Thomson Reuters average estimate of 72 cents a share.
Total net revenue jumped 17.8% from a year ago to $14.79 billion, compared to the consensus target of $14.68 billion.
Looking ahead, Medco raised and narrowed its 2009 full-year earnings guidance to a range of $2.80 to $2.82 a share, excluding amortization charges, up from a range of $2.76 to $2.81. Analysts are looking for a full-year profit of $2.80 a share, according to a Thomson Reuters poll.
For 2010, Medco expects adjusted earnings of $3.28 to $3.38 a share, compared to estimates for a profit of $3.28 a share.
-- Written by Robert Holmes in New York
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