Catamaran Q3 Profit Tops View, Lifts Full Year Earnings Forecast - Quick Facts

(RTTNews) - Catamaran Corp. (CTRX, CCT.TO), a provider of pharmacy benefit management services and technology, Thursday said third-quarter profit increased from the prior year, amid higher revenues. The firm lifted its full year earnings outlook, while keeping the revenue forecast unchanged.

Net income attributable to the company surged to $72.94 million from $20.48 million. Earnings per share improved to $0.35 $0.10.

Adjusted earnings per share was $0.52 while it stood at $0.25 last year. On average, 24 analysts polled by Thomson Reuters expected earnings of $0.48 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue increased 13 percent to $3.614 billion from $3.191 billion, as a result of new customer implementations in 2013. Wall Street expected revenues of $3.71 billion.

The company now expects adjusted earnings per share of $1.96 to $1.99 compared to the prior estimate of $1.87 to $1.92. The mid-point of the range implies an increase of $0.08 versus the prior estimate's mid-point.

Reported earnings per share are expected in the range of $1.24 to $1.27 compared to the prior estimate of $1.18 to $1.23. The mid-point of the range implies an increase of $0.05 versus the prior estimate's mid-point.

The firm still expects revenue of $14.2 to $14.6 billion. Analysts expect full year earnings of $1.90 per share on revenues of $14.37 billion.