Catamaran spikes after $5.5-billion third quarter

Shares of Catamaran Corp. (Catamaran Corp. Stock Quote, Chart, News: TSX:CCT) are up today after the company reported Q3 results that bested expectations.

Riding strong organic growth in its Pharmacy Benefit Management business, the company’s Q3 revenue increased 53% to $5.5-billion, up from the the $3.6-billion topline it posted in last year’s third quarter. Catamaran earned $82.0-million, up from $72.9 million in the same period of 2013.

“Our third-quarter results demonstrate our continued ability to deliver strong financial results while investing in strategic growth initiatives. The Catamaran team was very productive in the third quarter, securing additional wins in the selling season, advancing strategic integration activities and proceeding with our business development strategy culminating in the Salveo transaction we announced just after the quarter’s end. We are well positioned for future growth as we close out 2014, ” said CEO Mark Thierer.

Following today’s report, Catamaran updated its 2014 financial guidance. The company says it now expects to generate EBITDA of between $780-million and $795-million on revenue that it says should fall between $21.1 and $21.5-billion.

At press time, shares of CCT on the TSX were up 8.4% to $51.10.