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The St. Louis, Missouri-base company reported net income for the third quarter of $197.6 million or $0.71 per share, compared to $201.9 million or $0.81 per share for the year-ago quarter.
Income from continuing operations for the third quarter was $196.9 million or $0.71 per share, compared to $203.0 million or $0.81 per share in the prior year quarter.
Excluding non-recurring items, including a legal settlement and items related to the company's acquisition of WellPoint Inc.'s (WLP | Quote | Chart | News | PowerRating) pharmacy benefit management business "NextRx", earnings for the 2009 third quarter was $0.81 per diluted share. The earnings for the quarter include $0.18 per share of dilution related to the pre-close debt and equity issuances which were completed in the second quarter. Excluding all those items, the company's 2009 third quarter was $0.99 per share.
On average, 21 analysts polled by Thomson Reuters expected the company to earn $0.80 per share for the third quarter. Analysts' estimates typically exclude special items.
Revenue for the third quarter rose 3% to $5.62 billion from $5.45 billion in the same quarter last year. Nineteen analysts had a consensus revenue estimate of $5.54 billion for the third quarter.
Selling, general and administrative expenses for the quarter increased 34% to $254.1 million from $189.7 million a year ago, while interest expenses more than tripled to $48.0 million from $15.7 million last year.
Total adjusted claims increased 2% year-over-year to 126.3 million in the third quarter.
For the first nine months, the company reported net income of $604.3 million or $2.31 per share, compared to $569.3 million or $2.25 per share for the same period last year.
Income from continuing operations for the nine-month period was $603.6 million or $2.30 per share, compared to $573.3 million or $2.27 per share in the prior year period.
Revenue for the nine-month period increased to $16.55 million from $16.47 million in the corresponding year-ago period.
Due to strong underlying fundamentals in its core business, Express Scripts raised its full year 2009 earnings guidance to a range of $3.76 to $3.82 per share from its prior guidance of $3.72 to $3.82 per share. Both the ranges exclude any impact related to the NextRx deal.
The company said it expects to close the $4.68 billion acquisition of NextRx in the next four to six weeks. Express Scripts shares, which have traded in a range of $42.75 to $83.26 over the past year, closed Wednesday's regular trading session at $77.20, down $2.58 or 3.23%. the stock is currently losing 20 cents in after hours trading.
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