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Omnicare 4Q net income climbs as costs decrease

Published on NewsOK Modified: February 19, 2013 at 10:16 am •  Published: February 19, 2013

Revenue from the long term care business slipped 7 percent to $1.18 billion and specialty business revenue rose 25 percent to $346 million.

Omnicare said its net income for the year more than doubled, to $194.9 million, or $1.73 per share, from $86.9 million, or 76 cents per share for all of 2011. Revenue slipped to $6.16 billion from $6.18 billion.

The company is forecasting adjusted earnings per share of $3.47 to $3.57 for 2013, on $6.1 billion to $6.2 billion in revenue.

Analysts expected net income of $3.53 per share and $6.22 billion in revenue, on average.

Shares of Omnicare lost 15 cents to $39.42 in late morning trading. The stock has changed hands between $29.24 and $40 in the past 52 weeks.