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BUSINESS
CVS Caremark 4Q profit grows 11 percent
NEW YORK -- CVS Caremark Corp., one of the nation's biggest drugstore operators, said Monday its profit rose 11 percent in the fourth quarter as results improved for its pharmacy benefits management business.
CVS shares rose $1.71, or 5.5 percent, to $32.78 in morning trading.
The Woonsocket, R.I., company said it earned $1.05 billion, or 74 cents per share, in the last three months of 2009, up from $949 million, or 65 cents per share, a year earlier. Excluding one-time costs, CVS earned 79 cents per share -- a penny ahead of the average analyst estimate, according to Thomson Reuters.
Revenue grew 7 percent to $25.82 billion from $24.14 billion but fell short of Street estimates of $26.22 billion.
