UPDATE: CVS Caremark Q1 Profit Up 9%

CVS Caremark Corp CVS reported a rise in its first-quarter operating profit. CVS Caremark's quarterly profit surged to $777 million, or $0.59 per share, versus $710 million, or $0.52 per share, in the year-earlier period. Its adjusted profit came in at $0.65 per share. CVS Caremark's net revenue climbed 20% to $30.8 billion, from $25.7 billion. However, analysts were expecting earnings of $0.62 per share on revenue of $30.3 billion. CVS Caremark projects adjusted 2012 earnings of $3.23 to $3.33 per share, versus analysts' estimates of $3.29 per share. CVS Caremark shares closed at $44.71 yesterday.