Express Scripts increases profit guidance

Express Scripts Inc., of St. Louis County, reported third-quarter earnings that beat analysts expectations by three cents a share,  and it  increased profit guidance for the year.

Express Scripts earned 60 cents per share, excluding charges, which beat analysts profit expectations of 57 cents a share.

Express Scripts said revenue for the quarter rose to $4.5 billion from $4.3 billion. The company said net income for the quarter reached $142.9 million or 56 cents a share, which includes charges,  versus 42 cents a share for the same period last year. All per share amounts have been adjusted to reflect the company’s 2-for-1 stock split, which occurred on June 22.

Express Scripts credited increased use of generics and lower retail and mail-order drug purchasing costs for a 19 percent increase in gross profit over the same period last year.

Express Scripts said “strong underlying trends” helped the company raise its 2007 earnings per share guidance to a range of $2.28 to $2.32 from a range of $2.23 to $2.29. Analysts, on average, expected earnings of $2.28 per share.