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CVS Caremark Provides Strong Growth Outlook for 2013 and Beyond, Announces 38%Dividend Increase and Outlines Strategic Growth Framework
Date:12/13/2012

n 2013, an increase of 13.25% to 17.25%, and GAAP diluted earnings per share from continuing operations of $3.59 to $3.73 per share.  The company also expects to generate substantial free cash flow of $4.8 billion to $5.1 billion in 2013, and cash from operations of $6.4 billion to $6.6 billion in 2013.  This guidance assumes the completion of $4 billion in share repurchases during 2013. The guidance does not include the anticipated benefit from the company's recent debt tender and refinancing, which is expected to result in annual EPS accretion of approximately two cents due to the reduction of interest expense going forward.  Denton also expressed confidence in the company's ability to achieve the steady state earnings growth targets established in late 2010, for 2011 through 2015.

Dividend Increase
The company also announced that its board of directors has approved an increase in its quarterly dividend of approximately 38%, to $0.225 per share on the common stock of the company, payable February 4, 2013, to holders of record on January 24, 2013. This increase translates into an annual rate of 90 cents per share, up 25 cents per share from the previous annual rate of 65 cents.

"The board's decision to increase the dividend by 38% reflects our strong performance and outlook as well as our very significant cash generation capabilities," stated Denton. "In late 2010, we set a dividend payout ratio target of 25% to 30% by 2015, which implied a compounded dividend growth rate of approximately 25% per year from 2010.  Today's increase allows us to meet our 25% dividend payout ratio target two years early and marks our tenth consecutive year of dividend increases. We remain committed to using our free cash flow to enhance total returns for our shareholders through a combination of high-return investments, dividend increases and value-enhancing share repurchases."

Strategic Growth Framework
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SOURCE CVS Caremark Corporation
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