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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cardinal Health Inc | NYSE:CAH | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.41 | -0.41% | 100.20 | 100.9566 | 99.68 | 100.59 | 1,442,613 | 21:20:44 |
Cardinal Health Inc.'s (CAH) reported Thursday that its fiscal third-quarter net income fell 12% on costs related to the planned spinoff of its clinical and medical products businesses.
Chairman and Chief Executive R. Kerry Clark, which said the company now sees fiscal-year earnings at the low end of its prior forecast, noted the company remains "in a strong, long-term competitive position and made progress during the quarter against some of our short-term challenges."
Hospital-spending delays prompted the medical-goods supplier last month to announce another round of job cuts and cost-control measures. CareFusion, which is planned to be spun off later this year, is eliminating 1,300 jobs or 7.8% of the unit's work force.
The spinoff of the faster-growing unit and a generator of higher margins than Cardinal's much larger, core drug-distribution business is expected to produce savings of up to $130 million in two years.
For the quarter ended March 31, Cardinal Health reported net income of $312.9 million, or 87 cents a share, down from $356 million, or 99 cents a share, a year earlier. The latest quarter included 10 cents in costs related to the planned spinoff.
Revenue rose 8.9% to $24.94 billion.
Analysts polled by Thomson Reuters were expecting earnings, excluding items, of 95 cents a share on revenue of $24.01 billion.
Gross margin fell to 5.6% from 6.4%.
Pharmaceuticals-supply earnings rose 2%, helped by higher sales to existing customers. Medical-segment profit fell 22% on a reserve for problems with some infusion pumps the as revenue dropped 6% on the stronger dollar.
Shares closed Wednesday at $11.80 and were inactive premarket.
-By Mike Barris, Dow Jones Newswires; 201-938-5658; mike.barris@dowjones.com
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