Medco's Adjusted Profit Beats Estimates
FRANKLIN LAKES, N.J. (
) -
Medco Health Solutions
(MHS)
said third-quarter earnings rose 10.6% to $371.5 million, or 85 cents a share, as revenue jumped 10.3% and prescription volumes increased.
Excluding amortization of intangible assets from a 2003 spinoff, earnings in the latest quarter were 91 cents a share vs. 75 cents in the third quarter of 2009.
Last year, Medco earned $335.6 million, or 69 cents a share.
Revenue in the quarter was $16.32 billion vs. $14.79 billion a year earlier.
Analysts surveyed by Thomson Reuters expected the pharmacy benefits manager to earn 88 cents a share on revenue of $16.13 billion.
Medco raised its full-year guidance to between $3.14 and $3.16 a share from a previous outlook of $3.10 to $3.15 a share. Adjusted 2010 earnings are seen at $3.38 to $3.40 a share; the previous guidance range was $3.34 to $3.39 a share.
-- Written by Joseph Woelfel
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