November 3, 2011 / 10:45 AM / 7 years ago

UPDATE 1-SXC Health Q3 beats; raises 2011 outlook

* Q3 adj EPS $0.44 vs est $0.43

* Q3 total rev $1.29 bln vs est $1.20 bln (Follows alerts)

Nov 3 (Reuters) - SXC Health Solutions Corp posted a third-quarter profit that edged past market expectations helped by strong growth in its new customer numbers, and the pharmacy benefit manager raised its full-year outlook.

For 2011, SXC Health now expects adjusted earnings of $1.62-$1.63 a share. It had earlier predicted $1.58-$1.62 a share.

The company’s shares took a beating late last month as investors were worried after its largest customer HealthSpring agreed to be acquired by Cigna .

SXC Health’s July-September net income was $25.3 million, or 40 cents a share, compared with $16.2 million, or 26 cents a share in the year-ago quarter.

Excluding items, the company earned 44 cents a share.

Total revenue rose a staggering 163 percent to $1.29 billion.

Analysts had expected earnings of 43 cents a share, on revenue of $1.20 billion, according to Thomson Reuters I/B/E/S.

Shares of the company closed at $44.49 on Wednesday on Nasdaq. (Reporting by Esha Dey in Bangalore; Editing by Maju Samuel)

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