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WOONSOCKET, R.I. (AP) — CVS Caremark Corp. (CVS) on Tuesday reported net income that rose by 11 percent in its second quarter, and topped analysts' expectations.
The Woonsocket, Rhode Island-based company said profit increased to $1.25 billion, or $1.06 per share, from $1.12 billion, or 91 cents per share, in the same quarter a year ago.
Earnings, adjusted for amortization costs, came to $1.13 per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.10 per share.
The company said revenue climbed 11 percent to $34.6 billion from $31.25 billion in the same quarter a year ago, and beat Wall Street forecasts. Analysts expected $33.42 billion, according to Zacks.
CVS shares have climbed $5.80, or 8.1 percent, to $77.37 since the beginning of the year, while the Standard & Poor's 500 index has risen 4.9 percent. The stock has increased $15.53, or 25 percent, in the last 12 months.
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