Hot sectors in a tepid recovery
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UPDATE 1-Express Scripts 3rd-qtr profit rises 24 percent
(Adds revenue, 2007 forecasts)
WASHINGTON, Oct 24 (Reuters) - Express Scripts Inc (ESRX.O) said on Wednesday third-quarter profit rose 24 percent as the pharmacy benefit manager benefited from increased use of generic drugs.
Net income rose to $143 million, or 56 cents per share, from $115 million, or 42 cents per share, a year earlier.
Excluding special charges mostly related to a client's insolvency, earnings were 60 cents per share.
Revenue in the quarter rose to $4.52 billion from $4.33 billion a year earlier.
The company boosted its 2007 profit forecast to a range of $2.28 to $2.32 per share, compared with a prior estimate of $2.23 to $2.29 per share.
Wall Street analysts, on average, were forecasting $2.28 per share, according to Reuters Estimates.
