Express Scripts earnings increased by 32.7 percent in 2017, the company reported Tuesday, when it released fourth-quarter and full-year fiscal results for 2017.
The St. Louis-county based pharmacy benefits manager reported net income of $4.5 billion, or $7.10 per diluted share, for the year. That’s up from $3.4 billion, or $5.39 per diluted share, in 2016. The company’s net income for 2017 beat the consensus estimate of $7.04 of 12 analysts polled by Zacks Investment Research
The increased earnings came despite a slight dip in revenue. Express Scripts reported revenue of $100.1 billion for the year, down from $100.3 billion in 2016.
For the fourth quarter of 2017, completed Dec. 31, the company reported net income of $2.3 billion, or $2.16 per share. That was up 62.2 percent from $1.4 billion, or $1.88 per diluted share, in 2016. It beat analyst expectations of $2.09 per diluted share for the quarter.
The company attributed the sharp rise in fourth-quarter profit to the Tax Act passed in December.
Revenue for the fourth quarter was $25.4 billion, up 2.1 percent from $24.9 billion in the same quarter last year. Analysts had predicted revenue of $25.12 billion for the quarter.
Also as a result of the tax overhaul, Express Scripts announced non-executive employees will take part in a bonus pool of about $20 million. The one-time bonus will give employees checks ranging from $500 to $2,000, based on their tenure.