CVS profit jumps 18 percent, boosts outlook

AP Photo/J Pat Carter

(AP) WOONSOCKET, R.I. - CVS Caremark (CVS) says its second-quarter net income jumped more than 18 percent, as new business and an expansion of its pharmacy benefits management business pushed revenue higher.

The Woonsocket, R.I., company says it earned $966 million, or 75 cents per share, in the three months that ended June 30. That's up from $816 million, or 60 cents per share, a year ago.

Its adjusted earnings came to 81 cents a share. Analysts expected 79 cents per share.

Revenue grew 16 percent to $30.71 billion. Analysts expected $31.02 billion.

CVS Caremark says it expects 2012 adjusted earnings to range between $3.32 and $3.38 per share, up from its previous forecast. Analysts expected $3.33 per share.

CVS Caremark also runs the second-largest chain of drugstores in the U.S. It had 7,381 retail locations at the end of the quarter.