CVS Caremark 1Q profit grows 4.5 percent

NEW YORK (AP) - CVS Caremark Corp. says its profit rose 4.5 percent in the first quarter on improvement at both its drugstores and its pharmacy benefits management business.

CVS is also raising the low end of its annual profit forecasts.

Despite a weak flu season and bad weather, revenue at CVS drugstores rose 4 percent. Its pharmacy benefits revenue rose 3 percent.

The Woonsocket, R.I., company says it earned $771 million, or 55 cents per share, up from $738 million, or 50 cents per share, a year ago.

Excluding one-time items, the company says it earned 60 cents per share. That's 2 cents a share more than analysts expected.

It says revenue edged up 2 percent to $23.76 billion. But that's below Wall Street estimates of $24.12 billion.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

NEW YORK (AP) - CVS Caremark Corp. says its profit rose 4 percent in the first quarter on improvement at both its drugstores and its pharmacy benefits management business.

CVS is also raising the low end of its annual profit forecasts.

Despite a weak flu season and bad weather, revenue at CVS drugstores rose 4 percent. Its pharmacy benefits revenue rose 3 percent.

The Woonsocket, R.I., company says it earned $771 million, or 55 cents per share, up from $738 million, or 50 cents per share, a year ago.

Excluding one-time items, the company says it earned 60 cents per share. That's 2 cents a share more than analysts expected.

It says revenue edged up 2 percent to $23.76 billion. But that's below Wall Street estimates of $24.12 billion.

(This version CORRECTS percentage in headlines, lead)