MORE ODOD's ---- EMBX and ADVP just turned green.
ADVP has had unbelieveably excellent earnings and guidance, never warned, and is down more than 45% frorm recent highs. The only negative was the news blip about that overzealous attorney. But that's really old news and the company explained it very well on the C.C. and laid my fears totally to rest.
Dow Jones Business News
AdvancePCS's 1st-Quarter Net Soared 42%, Raises Full-Year Profit Target
IRVING, Texas -- AdvancePCS reported a 42% surge in fiscal first- quarter net income and boosted its full-year earnings forecast.
For the quarter ended June 30 , the pharmacy-benefit manager posted net income of $35.3 million, or 35 cents a share, compared with $24.9 million, or 27 cents a share, a year earlier.
Revenue rose 14% to $3.59 billion from $3.15 billion.
Excluding a $1.5 million loss from the repayment of debt in the latest quarter and a year-earlier charge, AdvancePCS said it would have earned $36.8 million, or 36 cents a share, compared with $25.5 million, or 28 cents a share, a year earlier. The mean estimate of analysts surveyed by Thomson First Call was for earnings of 35 cents a share.
"We are extremely pleased with the record results we posted this quarter, from both a financial and an operating perspective," Chairman and Chief Executive David D. Halbert said in a statement. He added the company is boosting its fiscal 2003 earnings outlook to about $1.57 a share, which is two cents higher than the First Call estimate. Fiscal 2002 earnings were $1.23 a share.
AdvancePCS manages pharmacy benefits for health plans with more than 75 million members combined.
At 4 p.m. EDT on the Nasdaq Stock Market, shares of AdvancePCS were up $2.12, or 10%, at $22.68. In after-hours activity, the stock rose to $23.01, according to Island ECN.
-Kevin Kingsbury; Dow Jones Newswires; 609-520-4367
*****
EMBX is another over-reaction. It should be back in a few weeks to more normal levels, maybe $14-16. Down from $25 to $12 with eps near $1.05, it's got a low PE. |
