At a Glance: CVS lowers 2010 outlook, pointing to weak economy and greater legal expenses
By APWednesday, July 28, 2010
A look at CVS Caremark’s 3Q and 2010 guidance
CVS Caremark Corp. struck a big long-term contract with a new client starting in 2011 but warned that results in the current year will miss expectations. Here’s a look at the Woonsocket, R.I., company’s financial guidance.
Third quarter:
— Earnings per share of 58 to 60 cents, or 63 to 65 cents excluding one-time costs. Analysts expected 69 cents per share, according to Thomson Reuters.
Full year:
— Earnings per share of $2.68 to $2.73, down from $2.77 to $2.84. Analysts expect $2.79 per share.
— Revenue at stores open at least a year up 2 to 3.5 percent, down from a range of 3.5 to 5.5 percent.
— Total revenue down 1 to 3 percent, previously seen flat to down 2 percent. Both of those totals adjust for revenue that contributes to both its retail and pharmacy benefits management businesses. Analysts expect $98.01 billion, a decrease of less than 1 percent from last year.
