CVS Caremark Sales And Profit Drop (CVS)

CVS Caremark Corporation CVS released financial results on Wednesday morning. CVS Caremark Corporation reported that its 3rd quarter net income fell to $809 million, or 59 cents per share, down from $1.02 billion, or 71 cents per share, a year earlier. Excluding special items, the company's earnings came in at 65 cents per share. Revenue fell to $23.88 billion, down from $24.64 billion a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 65 cents per share, on revenue of $23.91 billion. Chairman and chief executive officer Tom Ryan said, "I am pleased with our third quarter results, which were at the higher end of our expectations. Our retail business delivered industry-leading same store sales growth while solid gross margins and expense control led to significantly improved operating margins. Our PBM offerings continued to gain traction with clients as evidenced by the year-to-date results of the 2011 selling season. We have begun to make important investments in the PBM streamlining initiative, which will lead to improved results and higher returns in the coming years." CVS Caremark Corporation (CVS) closed the previous trading day at $30.53 per share. Analysts covering the company's stock give it a consensus price target of $39.16 per share. Read more from Benzinga's Company news.