Catamaran Corp Q3 Earnings Up, Results Beat Estimates; Raises Annual Outlook

(RTTNews) - Catamaran Corp. (CCT.TO,CTRX) Thursday reported a rise in profit as well as revenues for the third quarter. Both profit and revenues topped analysts' expectations.

Looking ahead, the company increased its adjusted earnings and revenues guidance for the full year, and raised the bottom end of its annual net earnings outlook.

Net profit increased to $81.97 million or $0.39 per share, from $72.94 million or $0.35 per share last year. Excluding certain items, profit amounted to $120.61 million or $0.58 per share.

On average, analysts polled by Thomson-Reuters estimated earnings to be $0.56. Analysts' estimates typically exclude one-time items.

The company recorded EBITDA of $205.7 million, compared with $167.6 million in the year ago period.

Net revenues grew to $5.54 billion from $3.61 billion in the previous year. Analysts projected revenues to be $5.36 billion.

Catamaran Corp. now expects annual net earnings of $1.45-$1.50 per share, and adjusted earnings of $2.20-$2.25 per share, on revenues of $21.1 million -$21.5 million. Its prior guidance was for net earnings of $1.40-$1.50 per share, and adjusted earnings of $2.12-$2.22, on revenues of $20.5 billion-$21.0 billion.

Analysts expect annual earnings of $2.21 on revenues of $21.11 billion.