Express Scripts Q1 Profit Up - Update

(RTTNews) - Express Scripts Holding Co. (ESRX) on Monday reported an increase in profit for the first quarter despite a drop in revenues. Earnings for the quarter came in line with analysts' expectations, but revenues fell short of estimates.

The largest pharmacy benefit manager in the U.S. also lifted its full-year financial outlook.

St. Louis, Missouri-based Express Scripts' first-quarter profit rose to $526.1 million or $0.81 per share from $441.1 million or $0.60 per share last year.

Adjusted earnings for the quarter rose to $1.22 per share from $1.10 per share last year. Analysts polled by Thomson Reuters expected earnings of $1.22 per share for the quarter.

Revenues for the quarter dropped to $24.79 billion from $24.90 billion last year. Wall Street analysts had a consensus revenue estimate of $25.20 billion for the quarter.

For the period ended March 31, adjusted claims rose 5 percent to 323.5 million.

Further, the Express Scripts announced the retirement of CEO George Paz on May 4. Paz will stay on as Chairman, while President Tim Wentworth will take over the reins of the company.

"It has been a privilege to lead Express Scripts and I am proud of what we have accomplished together for our clients, patients, employees and shareholders," said Paz.

Moving ahead, Express Scripts lifted its adjusted earnings guidance for 2016 to $6.31 to $6.43 per share from prior forecast of $6.10 to $6.28 per share. Analysts currently estimate earnings of $6.17 per share.

For the second quarter, the company expects adjusted earnings of $1.55 to $1.59 per share. Analysts currently estimate earnings of $1.57 per share.

ESRX closed Monday's trading at $73.72, up $0.17 or 0.23%, on the Nasdaq. The stock, however, dropped $0.82 in the after-hours trade.