We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|
-3.73 | -3.62% | 99.25 | 102.26 | 98.24 | 101.68 | 3,445,968 | 01:00:00 |
Form 8-K |
Ohio | 1-11373 | 31-0958666 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
7000 Cardinal Place, Dublin, Ohio 43017 | ||
(Address of principal executive offices) (Zip Code) | ||
(614) 757-5000 | ||
(Registrant's telephone number, including area code) | ||
Exhibit Number | Exhibit Description |
99.1 | News release issued by the Company on February 1, 2016 announcing second quarter results. |
Cardinal Health, Inc. | |||
(Registrant) | |||
Date: | February 1, 2016 | By: | /s/ Stuart G. Laws |
Stuart G. Laws | |||
Senior Vice President and Chief Accounting Officer |
Exhibit Number | Exhibit Description |
99.1 | News release issued by the Company on February 1, 2016 announcing second quarter results. |
Media: | Debbie Mitchell | Investors: | Sally Curley | |
(614) 757-6225 | (614) 757-7115 | |||
debbie.mitchell@cardinalhealth.com | sally.curley@cardinalhealth.com |
• | 23 percent increase in revenue to $31.4 billion |
• | 14 percent increase in non-GAAP1 operating earnings to $726 million |
• | 8 percent increase in non-GAAP diluted earnings per share to $1.30 |
• | Reaffirms fiscal 2016 non-GAAP diluted earnings per share guidance range of $5.15 to $5.35 |
Q2 FY16 | Q2 FY15 | Y/Y | |||||||
Revenue | $ | 31.4 | billion | $ | 25.5 | billion | 23% | ||
Operating earnings | $ | 563 | million | $ | 546 | million | 3% | ||
Non-GAAP operating earnings | $ | 726 | million | $ | 639 | million | 14% | ||
Net earnings attributable to Cardinal Health, Inc. | $ | 326 | million | $ | 289 | million | 13% | ||
Non-GAAP net earnings attributable to Cardinal Health, Inc. | $ | 430 | million | $ | 400 | million | 7% | ||
Diluted EPS attributable to Cardinal Health, Inc. | $ | 0.98 | $ | 0.86 | 14% | ||||
Non-GAAP diluted EPS attributable to Cardinal Health, Inc. | $ | 1.30 | $ | 1.20 | 8% |
Q2 FY16 | Q2 FY15 | Y/Y | |||||||
Revenue | $ | 28.3 | billion | $ | 22.6 | billion | 25% | ||
Segment profit | $ | 627 | million | $ | 542 | million | 16% |
Q2 FY16 | Q2 FY15 | Y/Y | |||||||
Revenue | $ | 3.2 | billion | $ | 2.9 | billion | 9% | ||
Segment profit | $ | 106 | million | $ | 115 | million | (8)% |
• | Completed acquisition of Cordis and launched combined Interventional Solutions portfolio at 27th annual Transcatheter Cardiovascular Therapeutics conference |
• | Supported expansion of naviHealth presence in post-acute care with acquisition of RightCare Solutions Inc. |
• | Opened the Generation Rx Medication Disposal Grant Program application period to non-profit organizations throughout the U.S. and Puerto Rico to help support education and awareness of community drug disposal programs |
• | Named among 2016 Best Companies for Leaders by Chief Executive magazine |
• | Ranked among the Most LGBT-Inclusive Places to Work in 2016 and earned a perfect score on the 2016 Corporate Equality Index for the eighth consecutive year |
• | Leerink Partners Fifth Annual Global Healthcare Conference on Feb. 10 at 8:50 a.m. Eastern in New York |
1 | See the attached tables for definitions of the non-GAAP financial measures presented in this news release and reconciliations of the differences between the non-GAAP financial measures and their most directly comparable GAAP financial measures. |
Second Quarter | ||||||||||
(in millions, except per common share amounts) | 2016 | 2015 | % Change | |||||||
Revenue | $ | 31,445 | $ | 25,537 | 23 | % | ||||
Cost of products sold | 29,836 | 24,083 | 24 | % | ||||||
Gross margin | 1,609 | 1,454 | 11 | % | ||||||
Operating expenses: | ||||||||||
Distribution, selling, general, and administrative expenses | 922 | 815 | 13 | % | ||||||
Restructuring and employee severance | 2 | 7 | N.M. | |||||||
Amortization and other acquisition-related costs | 114 | 60 | N.M. | |||||||
Impairments and (gain)/loss on disposal of assets | 17 | (18 | ) | N.M. | ||||||
Litigation (recoveries)/charges, net | (9 | ) | 44 | N.M. | ||||||
Operating earnings | 563 | 546 | 3 | % | ||||||
Other income, net | (2 | ) | (1 | ) | N.M. | |||||
Interest expense, net | 45 | 36 | 24 | % | ||||||
Loss on extinguishment of debt | — | 60 | N.M. | |||||||
Earnings before income taxes | 520 | 451 | 15 | % | ||||||
Provision for income taxes | 194 | 162 | 20 | % | ||||||
Net earnings | 326 | 289 | 12 | % | ||||||
Less: Net earnings attributable to noncontrolling interests | — | — | N.M. | |||||||
Net earnings attributable to Cardinal Health, Inc. | $ | 326 | $ | 289 | 13 | % | ||||
Earnings per common share attributable to Cardinal Health, Inc.: | ||||||||||
Basic | $ | 0.99 | $ | 0.87 | 14 | % | ||||
Diluted | 0.98 | 0.86 | 14 | % | ||||||
Weighted-average number of common shares outstanding: | ||||||||||
Basic | 329 | 331 | ||||||||
Diluted | 332 | 334 |
Year-to-Date | ||||||||||
(in millions, except per common share amounts) | 2016 | 2015 | % Change | |||||||
Revenue | $ | 59,499 | $ | 49,607 | 20 | % | ||||
Cost of products sold | 56,311 | 46,813 | 20 | % | ||||||
Gross margin | 3,188 | 2,794 | 14 | % | ||||||
Operating expenses: | ||||||||||
Distribution, selling, general, and administrative expenses | 1,764 | 1,590 | 11 | % | ||||||
Restructuring and employee severance | 14 | 26 | N.M. | |||||||
Amortization and other acquisition-related costs | 219 | 112 | N.M. | |||||||
Impairments and (gain)/loss on disposal of assets | 17 | (18 | ) | N.M. | ||||||
Litigation (recoveries)/charges, net | (9 | ) | 72 | N.M. | ||||||
Operating earnings | 1,183 | 1,012 | 17 | % | ||||||
Other (income)/expense, net | 6 | (4 | ) | N.M. | ||||||
Interest expense, net | 90 | 70 | 28 | % | ||||||
Loss on extinguishment of debt | — | 60 | N.M. | |||||||
Earnings before income taxes | 1,087 | 886 | 23 | % | ||||||
Provision for income taxes | 377 | 331 | 14 | % | ||||||
Net earnings | 710 | 555 | 28 | % | ||||||
Less: Net earnings attributable to noncontrolling interests | (1 | ) | — | N.M. | ||||||
Net earnings attributable to Cardinal Health, Inc. | $ | 709 | $ | 555 | 28 | % | ||||
Earnings per common share attributable to Cardinal Health, Inc.: | ||||||||||
Basic | $ | 2.16 | $ | 1.66 | 30 | % | ||||
Diluted | 2.14 | 1.65 | 30 | % | ||||||
Weighted-average number of common shares outstanding: | ||||||||||
Basic | 329 | 333 | ||||||||
Diluted | 332 | 337 |
(in millions) | December 31, 2015 | June 30, 2015 | |||||
(Unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and equivalents | $ | 2,324 | $ | 4,616 | |||
Trade receivables, net | 6,980 | 6,523 | |||||
Inventories, net | 11,007 | 9,211 | |||||
Prepaid expenses and other | 1,518 | 1,402 | |||||
Total current assets | 21,829 | 21,752 | |||||
Property and equipment, net | 1,651 | 1,506 | |||||
Goodwill and other intangibles, net | 9,113 | 6,018 | |||||
Other assets | 914 | 866 | |||||
Total assets | $ | 33,507 | $ | 30,142 | |||
Liabilities, Redeemable Noncontrolling Interests, and Shareholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 16,919 | $ | 14,368 | |||
Current portion of long-term obligations and other short-term borrowings | 354 | 281 | |||||
Other accrued liabilities | 1,606 | 2,594 | |||||
Total current liabilities | 18,879 | 17,243 | |||||
Long-term obligations, less current portion | 5,171 | 5,211 | |||||
Deferred income taxes and other liabilities | 2,609 | 1,432 | |||||
Redeemable noncontrolling interests | 120 | — | |||||
Total Cardinal Health, Inc. shareholders' equity | 6,711 | 6,256 | |||||
Noncontrolling interests | 17 | — | |||||
Total shareholders’ equity | 6,728 | 6,256 | |||||
Total liabilities, redeemable noncontrolling interests, and shareholders’ equity | $ | 33,507 | $ | 30,142 |
Second Quarter | Year-to-Date | ||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Cash flows from operating activities: | |||||||||||||||
Net earnings | $ | 326 | $ | 289 | $ | 710 | $ | 555 | |||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||||||
Depreciation and amortization | 169 | 112 | 306 | 220 | |||||||||||
Loss on extinguishment of debt | — | 60 | — | 60 | |||||||||||
Gain on sale of other investments | — | — | — | (5 | ) | ||||||||||
Impairments and (gain)/loss on disposal of assets, net | 17 | (18 | ) | 17 | (18 | ) | |||||||||
Share-based compensation | 26 | 28 | 56 | 53 | |||||||||||
Provision for bad debts | 18 | 14 | 35 | 26 | |||||||||||
Change in fair value of contingent consideration obligation | (13 | ) | — | (14 | ) | — | |||||||||
Change in operating assets and liabilities, net of effects from acquisitions: | |||||||||||||||
Increase in trade receivables | (45 | ) | — | (393 | ) | (291 | ) | ||||||||
Increase in inventories | (1,070 | ) | (1,336 | ) | (1,565 | ) | (1,137 | ) | |||||||
Increase in accounts payable | 2,006 | 1,595 | 2,431 | 1,438 | |||||||||||
Other accrued liabilities and operating items, net | 29 | 209 | (172 | ) | 113 | ||||||||||
Net cash provided by operating activities | 1,463 | 953 | 1,411 | 1,014 | |||||||||||
Cash flows from investing activities: | |||||||||||||||
Acquisition of subsidiaries, net of cash acquired | (1,885 | ) | (25 | ) | (3,284 | ) | (86 | ) | |||||||
Additions to property and equipment | (92 | ) | (47 | ) | (175 | ) | (83 | ) | |||||||
Purchase of available-for-sale securities and other investments | (62 | ) | (32 | ) | (88 | ) | (107 | ) | |||||||
Proceeds from sale of available-for-sale securities and other investments | 32 | 16 | 57 | 107 | |||||||||||
Proceeds from maturities of available-for-sale securities | 14 | 16 | 19 | 16 | |||||||||||
Proceeds from divestitures and disposal of held for sale assets | — | 53 | — | 53 | |||||||||||
Net cash used in investing activities | (1,993 | ) | (19 | ) | (3,471 | ) | (100 | ) | |||||||
Cash flows from financing activities: | |||||||||||||||
Payment of contingent consideration obligation | — | — | (23 | ) | — | ||||||||||
Net change in short-term borrowings | 3 | (58 | ) | 39 | (18 | ) | |||||||||
Reduction of long-term obligations | — | (1,220 | ) | (4 | ) | (1,220 | ) | ||||||||
Proceeds from long-term obligations, net of issuance costs | — | 1,182 | — | 1,182 | |||||||||||
Net proceeds/(tax withholdings) from share-based compensation | 14 | 10 | (7 | ) | 35 | ||||||||||
Tax proceeds from share-based compensation | 1 | 4 | 32 | 42 | |||||||||||
Dividends on common shares | (128 | ) | (114 | ) | (259 | ) | (233 | ) | |||||||
Purchase of treasury shares | — | (326 | ) | — | (686 | ) | |||||||||
Net cash used in financing activities | (110 | ) | (522 | ) | (222 | ) | (898 | ) | |||||||
Effect of exchange rate changes on cash and equivalents | (10 | ) | — | (10 | ) | — | |||||||||
Net increase/(decrease) in cash and equivalents | (650 | ) | 412 | (2,292 | ) | 16 | |||||||||
Cash and equivalents at beginning of period | 2,974 | 2,469 | 4,616 | 2,865 | |||||||||||
Cash and equivalents at end of period | $ | 2,324 | $ | 2,881 | $ | 2,324 | $ | 2,881 |
Non-GAAP | |||||||||||||||
Second Quarter | Second Quarter | ||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Revenue | |||||||||||||||
Amount | $ | 31,445 | $ | 25,537 | |||||||||||
Growth rate | 23 | % | 15 | % | |||||||||||
Gross Margin | |||||||||||||||
Amount1 | $ | 1,609 | $ | 1,454 | $ | 1,648 | $ | 1,454 | |||||||
Growth rate | 11 | % | 8 | % | 13 | % | 8 | % | |||||||
Operating earnings | |||||||||||||||
Amount | $ | 563 | $ | 546 | $ | 726 | $ | 639 | |||||||
Growth rate | 3 | % | 5 | % | 14 | % | 10 | % | |||||||
Net earnings attributable to Cardinal Health, Inc. | |||||||||||||||
Amount | $ | 326 | $ | 289 | $ | 430 | $ | 400 | |||||||
Growth rate | 13 | % | 5 | % | 7 | % | 28 | % | |||||||
Return on equity | 19.7 | % | 18.7 | % | 26.0 | % | 25.9 | % | |||||||
Effective tax rate | 37.3 | % | 36.0 | % | 37.1 | % | 33.8 | % | |||||||
Debt to total capital | 45 | % | 39 | % | |||||||||||
Net debt to capital | 32 | % | 15 | % |
Non-GAAP | |||||||||||||||
Year-to-Date | Year-to-Date | ||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Revenue | |||||||||||||||
Amount | $ | 59,499 | $ | 49,607 | |||||||||||
Growth rate | 20 | % | 6 | % | |||||||||||
Gross Margin | |||||||||||||||
Amount1 | $ | 3,188 | $ | 2,794 | $ | 3,227 | $ | 2,794 | |||||||
Growth rate | 14 | % | 7 | % | 15 | % | 7 | % | |||||||
Operating earnings | |||||||||||||||
Amount | $ | 1,183 | $ | 1,012 | $ | 1,463 | $ | 1,204 | |||||||
Growth rate | 17 | % | 2 | % | 22 | % | 8 | % | |||||||
Net earnings attributable to Cardinal Health, Inc. | |||||||||||||||
Amount | $ | 709 | $ | 555 | $ | 889 | $ | 740 | |||||||
Growth rate | 28 | % | (10 | )% | 20 | % | 7 | % | |||||||
Return on equity | 21.8 | % | 17.8 | % | 27.4 | % | 23.7 | % | |||||||
Effective tax rate | 34.7 | % | 37.4 | % | 35.0 | % | 35.0 | % |
1 | Gross margin includes the negative impact of a $39 million LIFO charge in the second quarter. |
Second Quarter | Second Quarter | |||||||||||||||
(in millions) | 2016 | 2015 | (in millions) | 2016 | 2015 | |||||||||||
Pharmaceutical | Medical | |||||||||||||||
Revenue | Revenue | |||||||||||||||
Amount | $ | 28,287 | $ | 22,627 | Amount | $ | 3,162 | $ | 2,914 | |||||||
Growth rate | 25 | % | 16 | % | Growth rate | 9 | % | 4 | % | |||||||
Segment profit | Segment profit | |||||||||||||||
Amount | $ | 627 | $ | 542 | Amount | $ | 106 | $ | 115 | |||||||
Growth rate | 16 | % | 12 | % | Growth rate1 | (8 | )% | (12 | )% | |||||||
Segment profit margin | 2.22 | % | 2.39 | % | Segment profit margin | 3.36 | % | 3.96 | % |
1 | Segment profit includes a $21 million impact from the roll-out of the inventory fair value step up related to the Cordis acquisition for the three months ended December 31, 2015. Excluding the impact of the inventory fair value step up, Medical segment profit would have increased 10% for the three months ended December 31, 2015. |
Year-to-Date | Year-to-Date | |||||||||||||||
(in millions) | 2016 | 2015 | (in millions) | 2016 | 2015 | |||||||||||
Pharmaceutical | Medical | |||||||||||||||
Revenue | Revenue | |||||||||||||||
Amount | $ | 53,427 | $ | 43,836 | Amount | $ | 6,081 | $ | 5,766 | |||||||
Growth rate | 22 | % | 6 | % | Growth rate | 5 | % | 5 | % | |||||||
Segment profit | Segment profit | |||||||||||||||
Amount | $ | 1,285 | $ | 992 | Amount | $ | 207 | $ | 229 | |||||||
Growth rate | 29 | % | 8 | % | Growth rate1 | (10 | )% | (4 | )% | |||||||
Segment profit margin | 2.41 | % | 2.26 | % | Segment profit margin | 3.40 | % | 3.96 | % |
1 | Segment profit includes a $21 million impact from the roll-out of the inventory fair value step up related to the Cordis acquisition for the six months ended December 31, 2015. Excluding the impact of the inventory fair value step up, Medical segment profit growth would have been flat for the six months ended December 31, 2015. |
Net Earnings | Diluted | Diluted EPS | ||||||||||||||||||||||||
Gross | Operating | Earnings | Provision | Net Earnings | attributable | EPS | attributable | |||||||||||||||||||
Margin | Earnings | Before | for | attributable | to Cardinal | attributable | to Cardinal | |||||||||||||||||||
Gross | Growth | Operating | Growth | Income | Income | to Cardinal | Health, Inc. | to Cardinal | Health, Inc. | |||||||||||||||||
(in millions, except per common share amounts) | Margin | Rate | Earnings | Rate | Taxes | Taxes | Health, Inc. | Growth Rate | Health, Inc. | Growth Rate1 | ||||||||||||||||
Second Quarter 2016 | ||||||||||||||||||||||||||
GAAP | $ | 1,609 | 11 | % | $ | 563 | 3 | % | $ | 520 | $ | 194 | $ | 326 | 13 | % | $ | 0.98 | 14 | % | ||||||
LIFO charges/(credits) | 39 | 39 | 39 | 15 | 24 | 0.07 | ||||||||||||||||||||
Restructuring and employee severance | — | 2 | 2 | 1 | 1 | — | ||||||||||||||||||||
Amortization and other acquisition-related costs | — | 114 | 114 | 41 | 73 | 0.22 | ||||||||||||||||||||
Impairments and (gain)/loss on disposal of assets | — | 17 | 17 | 7 | 10 | 0.03 | ||||||||||||||||||||
Litigation (recoveries)/charges, net | — | (9 | ) | (9 | ) | (5 | ) | (4 | ) | (0.01 | ) | |||||||||||||||
Non-GAAP | $ | 1,648 | 13 | % | $ | 726 | 14 | % | $ | 683 | $ | 253 | $ | 430 | 7 | % | $ | 1.30 | 8 | % | ||||||
Second Quarter 2015 | ||||||||||||||||||||||||||
GAAP | $ | 1,454 | 8 | % | $ | 546 | 5 | % | $ | 451 | $ | 162 | $ | 289 | 5 | % | $ | 0.86 | 9 | % | ||||||
Restructuring and employee severance | — | 7 | 7 | 3 | 4 | 0.01 | ||||||||||||||||||||
Amortization and other acquisition-related costs | — | 60 | 60 | 22 | 38 | 0.11 | ||||||||||||||||||||
Impairments and (gain)/loss on disposal of assets | — | (18 | ) | (18 | ) | (10 | ) | (8 | ) | (0.03 | ) | |||||||||||||||
Litigation (recoveries)/charges, net | — | 44 | 44 | 4 | 40 | 0.12 | ||||||||||||||||||||
Loss on extinguishment of debt | — | — | 60 | 23 | 37 | 0.11 | ||||||||||||||||||||
Non-GAAP | $ | 1,454 | 8 | % | $ | 639 | 10 | % | $ | 604 | $ | 204 | $ | 400 | 28 | % | $ | 1.20 | 33 | % |
Net Earnings | Diluted | Diluted EPS | ||||||||||||||||||||||||
Gross | Operating | Earnings | Provision | Net Earnings | attributable | EPS | attributable | |||||||||||||||||||
Margin | Earnings | Before | for | attributable | to Cardinal | attributable | to Cardinal | |||||||||||||||||||
Gross | Growth | Operating | Growth | Income | Income | to Cardinal | Health, Inc. | to Cardinal | Health, Inc. | |||||||||||||||||
(in millions, except per common share amounts) | Margin | Rate | Earnings | Rate | Taxes | Taxes | Health, Inc. | Growth Rate | Health, Inc. | Growth Rate | ||||||||||||||||
Year-to-Date 2016 | ||||||||||||||||||||||||||
GAAP | $ | 3,188 | 14 | % | $ | 1,183 | 17 | % | $ | 1,087 | $ | 377 | $ | 709 | 28 | % | $ | 2.14 | 30 | % | ||||||
LIFO charges/(credits) | 39 | 39 | 39 | 15 | 24 | 0.07 | ||||||||||||||||||||
Restructuring and employee severance | — | 14 | 14 | 5 | 9 | 0.02 | ||||||||||||||||||||
Amortization and other acquisition-related costs | — | 219 | 219 | 78 | 141 | 0.42 | ||||||||||||||||||||
Impairments and (gain)/loss on disposal of assets | — | 17 | 17 | 7 | 10 | 0.03 | ||||||||||||||||||||
Litigation (recoveries)/charges, net | — | (9 | ) | (9 | ) | (5 | ) | (4 | ) | (0.01 | ) | |||||||||||||||
Non-GAAP | $ | 3,227 | 15 | % | $ | 1,463 | 22 | % | $ | 1,368 | $ | 479 | $ | 889 | 20 | % | $ | 2.68 | 22 | % | ||||||
Year-to-Date 2015 | ||||||||||||||||||||||||||
GAAP | $ | 2,794 | 7 | % | $ | 1,012 | 2 | % | $ | 886 | $ | 331 | $ | 555 | (10 | )% | $ | 1.65 | (7 | )% | ||||||
Restructuring and employee severance | — | 26 | 26 | 9 | 17 | 0.05 | ||||||||||||||||||||
Amortization and other acquisition-related costs | — | 112 | 112 | 41 | 71 | 0.21 | ||||||||||||||||||||
Impairments and (gain)/loss on disposal of assets | — | (18 | ) | (18 | ) | (10 | ) | (8 | ) | (0.02 | ) | |||||||||||||||
Litigation (recoveries)/charges, net | — | 72 | 72 | 4 | 68 | 0.20 | ||||||||||||||||||||
Loss on extinguishment of debt | — | — | 60 | 23 | 37 | 0.11 | ||||||||||||||||||||
Non-GAAP | $ | 2,794 | 7 | % | $ | 1,204 | 8 | % | $ | 1,138 | $ | 399 | $ | 740 | 7 | % | $ | 2.19 | 10 | % |
1 | The $56 million remeasurement of unrecognized tax benefits reduced, for fiscal 2014 second quarter, both diluted EPS from continuing operations and non-GAAP diluted EPS from continuing operations by $0.16. The fiscal 2015 second quarter growth rates for diluted EPS from continuing operations and non-GAAP diluted EPS from continuing operations, excluding the impact of the tax remeasurement, would have been (10) percent and 13 percent, respectively. |
Second Quarter | |||||||||||||||
(in millions) | 2016 | 2015 | |||||||||||||
GAAP return on equity | 19.7 | % | 18.7 | % | |||||||||||
Non-GAAP return on equity | |||||||||||||||
Net earnings attributable to Cardinal Health, Inc. | $ | 326 | $ | 289 | |||||||||||
LIFO charges/(credits), net of tax | 24 | — | |||||||||||||
Restructuring and employee severance, net of tax | 1 | 4 | |||||||||||||
Amortization and other acquisition-related costs, net of tax | 73 | 38 | |||||||||||||
Impairments and (gain)/loss on disposal of assets, net of tax | 10 | (8 | ) | ||||||||||||
Litigation (recoveries)/charges, net, net of tax | (4 | ) | 40 | ||||||||||||
Loss on extinguishment of debt, net of tax | — | 37 | |||||||||||||
Adjusted net earnings attributable to Cardinal Health, Inc. | $ | 430 | $ | 400 | |||||||||||
Annualized | $ | 1,720 | $ | 1,600 | |||||||||||
Second | First | Second | First | ||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||
2016 | 2016 | 2015 | 2015 | ||||||||||||
Total Cardinal Health, Inc. shareholders' equity | $ | 6,711 | $ | 6,505 | $ | 6,100 | $ | 6,256 | |||||||
Divided by average Cardinal Health, Inc. shareholders' equity | $ | 6,608 | $ | 6,178 | |||||||||||
Non-GAAP return on equity | 26.0 | % | 25.9 | % |
Year-to-Date | |||||||||||||||||||||||
(in millions) | 2016 | 2015 | |||||||||||||||||||||
GAAP return on equity | 21.8 | % | 17.8 | % | |||||||||||||||||||
Non-GAAP return on equity | |||||||||||||||||||||||
Net earnings attributable to Cardinal Health, Inc. | $ | 709 | $ | 555 | |||||||||||||||||||
LIFO charges/(credits), net of tax | 24 | — | |||||||||||||||||||||
Restructuring and employee severance, net of tax | 9 | 17 | |||||||||||||||||||||
Amortization and other acquisition-related costs, net of tax | 141 | 71 | |||||||||||||||||||||
Impairments and (gain)/loss on disposal of assets, net of tax | 10 | (8 | ) | ||||||||||||||||||||
Litigation (recoveries)/charges, net, net of tax | (4 | ) | 68 | ||||||||||||||||||||
Loss on extinguishment of debt, net of tax | — | 37 | |||||||||||||||||||||
Adjusted net earnings attributable to Cardinal Health, Inc. | $ | 889 | $ | 740 | |||||||||||||||||||
Annualized | $ | 1,778 | $ | 1,480 | |||||||||||||||||||
Second | First | Fourth | Second | First | Fourth | ||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
2016 | 2016 | 2015 | 2015 | 2015 | 2014 | ||||||||||||||||||
Total Cardinal Health, Inc. shareholders' equity | $ | 6,711 | $ | 6,505 | $ | 6,256 | $ | 6,100 | $ | 6,256 | $ | 6,401 | |||||||||||
Divided by average Cardinal Health, Inc. shareholders' equity | $ | 6,491 | $ | 6,252 | |||||||||||||||||||
Non-GAAP return on equity | 27.4 | % | 23.7 | % |
Second Quarter | Year-to-Date | ||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
GAAP effective tax rate | 37.3 | % | 36.0 | % | 34.7 | % | 37.4 | % | |||||||
Non-GAAP effective tax rate | |||||||||||||||
Earnings before income taxes | $ | 520 | $ | 451 | $ | 1,087 | $ | 886 | |||||||
LIFO charges/(credits) | 39 | — | 39 | — | |||||||||||
Restructuring and employee severance | 2 | 7 | 14 | 26 | |||||||||||
Amortization and other acquisition-related costs | 114 | 60 | 219 | 112 | |||||||||||
Impairments and (gain)/loss on disposal of assets | 17 | (18 | ) | 17 | (18 | ) | |||||||||
Litigation (recoveries)/charges, net | (9 | ) | 44 | (9 | ) | 72 | |||||||||
Loss on extinguishment of debt | — | 60 | — | 60 | |||||||||||
Adjusted earnings before income taxes | $ | 683 | $ | 604 | $ | 1,368 | $ | 1,138 | |||||||
Provision for income taxes | $ | 194 | $ | 162 | $ | 377 | $ | 331 | |||||||
LIFO charges/(credits) tax benefit | 15 | — | 15 | — | |||||||||||
Restructuring and employee severance tax benefit | 1 | 3 | 5 | 9 | |||||||||||
Amortization and other acquisition-related costs tax benefit | 41 | 22 | 78 | 41 | |||||||||||
Impairments and (gain)/loss on disposal of assets tax benefit/(expense) | 7 | (10 | ) | 7 | (10 | ) | |||||||||
Litigation (recoveries)/charges, net tax benefit/(expense) | (5 | ) | 4 | (5 | ) | 4 | |||||||||
Loss on extinguishment of debt tax benefit | — | 23 | — | 23 | |||||||||||
Adjusted provision for income taxes | $ | 253 | $ | 204 | $ | 479 | $ | 399 | |||||||
Non-GAAP effective tax rate | 37.1 | % | 33.8 | % | 35.0 | % | 35.0 | % | |||||||
Second Quarter | |||||||||||||||
2016 | 2015 | ||||||||||||||
Debt to total capital | 45 | % | 39 | % | |||||||||||
Net debt to capital | |||||||||||||||
Current portion of long-term obligations and other short-term borrowings | $ | 354 | $ | 270 | |||||||||||
Long-term obligations, less current portion | 5,171 | 3,706 | |||||||||||||
Debt | $ | 5,525 | $ | 3,976 | |||||||||||
Cash and equivalents | (2,324 | ) | (2,881 | ) | |||||||||||
Net debt | $ | 3,201 | $ | 1,095 | |||||||||||
Total Cardinal Health, Inc. shareholders' equity | 6,711 | 6,100 | |||||||||||||
Capital | $ | 9,912 | $ | 7,195 | |||||||||||
Net debt to capital | 32 | % | 15 | % |
1 | The inventories of the Company's core pharmaceutical distribution facilities in the Pharmaceutical segment are valued at the lower of cost, using the LIFO method, or market. These charges or credits are included in cost of products sold, and represent changes in the Company's LIFO inventory reserve. |
2 | Programs by which the Company fundamentally changes its operations such as closing and consolidating facilities, moving manufacturing of a product to another location, production or business process sourcing, employee severance (including rationalizing headcount or other significant changes in personnel), and realigning operations (including realignment of the management structure of a business unit in response to changing market conditions). |
3 | Costs that consist primarily of amortization of acquisition-related intangibles assets, transaction costs, integration costs, and changes in the fair value of contingent consideration obligations. |
4 | Asset impairments and (gains)/losses from the disposal of assets not eligible to be classified as discontinued operations are classified within impairments and (gain)/loss on disposal of assets within the condensed consolidated statements of earnings. |
5 | Loss contingencies related to litigation and regulatory matters and income from favorable resolution of legal matters. |
6 | Charges related to the make-whole premium on the redemption of notes. |
1 Year Cardinal Health Chart |
1 Month Cardinal Health Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions