Express Scripts Beats Estimates; Lifts Outlook (ESRX)
Express Scripts (NASDAQ: ESRX) released its fiscal second-quarter earnings results after the closing bell on Monday.
The company reported earnings per share and revenue ahead of Wall Street estimates and also lifted its outlook for the full-year. In late trade, the stock was last down around 1 percent to $66.28.
"Our second quarter results reflect the successful execution of our business model of alignment," stated George Paz, chairman and chief executive officer. "As we head toward 2014 and the introduction of insurance exchanges, additional costly regulations, escalation of brand drug prices and increased specialty drug utilization, our clients face unprecedented challenges to manage the cost and complexity of the pharmacy benefit. Our clinical specialization, advanced application of the behavioral sciences, and ability to leverage actionable data allow us to drive down costs, reduce waste and improve health in ways no other company can."
Fiscal Q2 Results
Express Scripts reported net income of $543 million or $0.66 per share, compared to $149.6 million or $0.18 per share, in last year's corresponding period.
On an adjusted basis, earnings per share were $1.12 versus $0.87 last year. This came in ahead of analysts' consensus EPS estimates of $1.10.
Revenue in the quarter was $26.4 billion from $27.5 billion last year. This also topped analysts' consensus sales estimates of $25.52 billion.
Q3 and Full-Year Guidance
Looking ahead to Q3, Express Scripts said that it expects adjusted earnings per share of $1.05 to $1.09. This compares to current consensus calling for earnings per share of $1.08 for the fiscal third-quarter.
For fiscal 2013, the company said that it now expects earnings per share between $4.26 and $4.34 up from its previous range of $4.23 to $4.33. Currently, analysts expect that Express Scripts will report full-year EPS of $4.30.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.