Express Scripts Profit Falls, Cuts FY Outlook; Stock Down

(RTTNews) - Pharmacy benefits manager Express Scripts Holding Co (ESRX) Tuesday reported first-quarter net earnings of $328 million or $0.42 per share compared with $373 million or $0.45 per share last year.

Excluding items, adjusted earnings for the quarter were $0.99 per share.

Revenues for the quarter were $23.69 billion compared with $26 billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.99 per share on revenues of $23.81 billion for the quarter. Analysts' estimates typically exclude special items.

For the second quarter, Express Scripts projects adjusted earnings of $1.20 to $1.24 per share, while analysts project $1.26 per share.

For fiscal year 2014, the company expects earnings of $4.82 to $4.94 per share, down from prior guidance of $4.88 to $5 per share. Analysts expect earnings of $4.89 per share.

The slashed guidance reflects a delay of expected client starts from the middle of the year to early 2015, and to lost clients, the company said.