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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 | |
---|---|---|---|---|---|---|---|---|
-0.87 | -0.84% | 102.17 | 103.10 | 100.56 | 102.25 | 2,858,157 | 01:00:00 |
Media:
|
Ellen Barry
|
|
Investors:
|
Lisa Capodici
|
|
(614) 553-3858
|
|
|
(614) 757-5035
|
|
ellen.barry@cardinalhealth.com
|
|
|
lisa.capodici@cardinalhealth.com
|
•
|
Fourth-quarter revenue increases 5 percent to $33 billion; full-year revenue increases 7 percent to a record $130 billion
|
•
|
Fourth-quarter GAAP
1
diluted earnings per share decreases 16 percent to $0.86, and non-GAAP diluted earnings per share increases 15 percent to $1.31
|
•
|
Full-year GAAP diluted earnings per share decreases 7 percent to $4.03, and non-GAAP diluted earnings per share increases 3 percent to $5.40
|
|
Q4 FY17
|
|
Q4 FY16
|
|
Y/Y
|
|
FY17
|
|
FY16
|
|
Y/Y
|
||||||||
Revenue
|
$
|
33.0
|
billion
|
|
$
|
31.4
|
billion
|
|
5%
|
|
$
|
130.0
|
billion
|
|
$
|
121.5
|
billion
|
|
7%
|
Operating earnings
|
$
|
439
|
million
|
|
$
|
620
|
million
|
|
(29)%
|
|
$
|
2,120
|
million
|
|
$
|
2,459
|
million
|
|
(14)%
|
Non-GAAP operating earnings
|
$
|
640
|
million
|
|
$
|
643
|
million
|
|
(1)%
|
|
$
|
2,769
|
million
|
|
$
|
2,895
|
million
|
|
(4)%
|
Net earnings attributable to Cardinal Health, Inc.
|
$
|
274
|
million
|
|
$
|
333
|
million
|
|
(18)%
|
|
$
|
1,288
|
million
|
|
$
|
1,427
|
million
|
|
(10)%
|
Non-GAAP net earnings attributable to Cardinal Health, Inc.
|
$
|
416
|
million
|
|
$
|
372
|
million
|
|
12%
|
|
$
|
1,727
|
million
|
|
$
|
1,732
|
million
|
|
—
|
Diluted EPS attributable to Cardinal Health, Inc.
|
$
|
0.86
|
|
|
$
|
1.02
|
|
|
(16)%
|
|
$
|
4.03
|
|
|
$
|
4.32
|
|
|
(7)%
|
Non-GAAP diluted EPS attributable to Cardinal Health, Inc.
|
$
|
1.31
|
|
|
$
|
1.14
|
|
|
15%
|
|
$
|
5.40
|
|
|
$
|
5.24
|
|
|
3%
|
|
Q4 FY17
|
|
Q4 FY16
|
|
Y/Y
|
|
FY17
|
|
FY16
|
|
Y/Y
|
||||||||
Revenue
|
$
|
29.6
|
billion
|
|
$
|
28.2
|
billion
|
|
5%
|
|
$
|
116.5
|
billion
|
|
$
|
109.1
|
billion
|
|
7%
|
Segment profit
|
$
|
505
|
million
|
|
$
|
542
|
million
|
|
(7)%
|
|
$
|
2.2
|
billion
|
|
$
|
2.5
|
billion
|
|
(12)%
|
|
Q4 FY17
|
|
Q4 FY16
|
|
Y/Y
|
|
FY17
|
|
FY16
|
|
Y/Y
|
||||||||
Revenue
|
$
|
3.4
|
billion
|
|
$
|
3.2
|
billion
|
|
6%
|
|
$
|
13.5
|
billion
|
|
$
|
12.4
|
billion
|
|
9%
|
Segment profit
|
$
|
138
|
million
|
|
$
|
122
|
million
|
|
13%
|
|
$
|
572
|
million
|
|
$
|
457
|
million
|
|
25%
|
•
|
Completed the acquisition of Medtronic’s Patient Care, Deep Vein Thrombosis and Nutritional Insufficiency business for $6.1 billion on July 29, 2017
|
•
|
Acquired rights to Navidea’s Lymphoseek, a radiopharmaceutical diagnostic imaging agent
|
•
|
Convened the 27th annual Retail Business Conference, which provided one of the industry's largest lineups of continuing education courses, buying opportunities, and access to Cardinal Health solutions that help independent pharmacists diversify and improve their business
|
•
|
Through the Cordis business, became the exclusive U.S. distributor of the Tryton Side Branch Stent, the first dedicated bifurcation device to receive regulatory approval in the U.S. to treat significant coronary bifurcation lesions
|
•
|
Increased quarterly dividend by 3 percent to $0.4624 per share, or $1.85 on an annualized basis
|
•
|
Named on the 2017
World's Most Admired Companies
list by
Fortune
|
•
|
Recognized by the National Association for Female Executives as a
Top 60 Company for Executive Women
for the sixth consecutive year
|
•
|
Included in Becker's Healthcare
150 Top Places to Work in Healthcare
2017 listing
|
•
|
Named to the Human Rights Campaign (HRC)
Best Places to Work for LGBT Equality
for the fifth consecutive year based on ratings in HRC's
2017 Corporate Equality Index
|
•
|
Included in the
Dow Jones Sustainability North American Company Index
for the eleventh consecutive year
|
•
|
Robert W. Baird’s Global Healthcare Conference on Thursday, Sept. 7 at 9:05 a.m. Eastern in New York City
|
•
|
Morgan Stanley 15th Annual Global Healthcare Conference on Monday, Sept. 11 at 8:45 a.m. Eastern in New York City
|
|
Fourth Quarter
|
|
|
|||||||
(in millions, except per common share amounts)
|
2017
|
|
2016
|
|
% Change
|
|||||
Revenue
|
$
|
32,966
|
|
|
$
|
31,384
|
|
|
5
|
%
|
Cost of products sold
|
31,343
|
|
|
29,719
|
|
|
5
|
%
|
||
Gross margin
|
1,623
|
|
|
1,665
|
|
|
(3
|
)%
|
||
|
|
|
|
|
|
|||||
Operating expenses:
|
|
|
|
|
|
|||||
Distribution, selling, general and administrative expenses
|
983
|
|
|
970
|
|
|
1
|
%
|
||
Restructuring and employee severance
|
24
|
|
|
6
|
|
|
N.M.
|
|
||
Amortization and other acquisition-related costs
|
163
|
|
|
132
|
|
|
N.M.
|
|
||
Impairments and loss on disposal of assets, net
|
3
|
|
|
3
|
|
|
N.M.
|
|
||
Litigation (recoveries)/charges, net
|
11
|
|
|
(66
|
)
|
|
N.M.
|
|
||
Operating earnings
|
439
|
|
|
620
|
|
|
(29
|
)%
|
||
|
|
|
|
|
|
|||||
Other (income)/expense, net
|
(3
|
)
|
|
—
|
|
|
N.M.
|
|
||
Interest expense, net
|
68
|
|
|
44
|
|
|
55
|
%
|
||
Earnings before income taxes
|
374
|
|
|
576
|
|
|
(35
|
)%
|
||
|
|
|
|
|
|
|||||
Provision for income taxes
|
96
|
|
|
241
|
|
|
(60
|
)%
|
||
Net earnings
|
278
|
|
|
335
|
|
|
(17
|
)%
|
||
|
|
|
|
|
|
|||||
Less: Net earnings attributable to noncontrolling interests
|
(4
|
)
|
|
(2
|
)
|
|
N.M.
|
|
||
Net earnings attributable to Cardinal Health, Inc.
|
$
|
274
|
|
|
$
|
333
|
|
|
(18
|
)%
|
|
|
|
|
|
|
|||||
Earnings per common share attributable to Cardinal Health, Inc.:
|
|
|
|
|
|
|||||
Basic
|
$
|
0.87
|
|
|
$
|
1.03
|
|
|
(16
|
)%
|
Diluted
|
0.86
|
|
|
1.02
|
|
|
(16
|
)%
|
||
|
|
|
|
|
|
|||||
Weighted-average number of common shares outstanding:
|
|
|
|
|
|
|||||
Basic
|
316
|
|
|
324
|
|
|
|
|||
Diluted
|
318
|
|
|
327
|
|
|
|
|
Fiscal Year
|
|
|
|||||||
(in millions, except per common share amounts)
|
2017
|
|
2016
|
|
% Change
|
|||||
Revenue
|
$
|
129,976
|
|
|
$
|
121,546
|
|
|
7
|
%
|
Cost of products sold
|
123,432
|
|
|
115,003
|
|
|
7
|
%
|
||
Gross margin
|
6,544
|
|
|
6,543
|
|
|
—
|
%
|
||
|
|
|
|
|
|
|||||
Operating expenses:
|
|
|
|
|
|
|||||
Distribution, selling, general and administrative expenses
|
3,775
|
|
|
3,648
|
|
|
3
|
%
|
||
Restructuring and employee severance
|
56
|
|
|
25
|
|
|
N.M.
|
|
||
Amortization and other acquisition-related costs
|
527
|
|
|
459
|
|
|
N.M.
|
|
||
Impairments and loss on disposal of assets, net
|
18
|
|
|
21
|
|
|
N.M.
|
|
||
Litigation (recoveries)/charges, net
|
48
|
|
|
(69
|
)
|
|
N.M.
|
|
||
Operating earnings
|
2,120
|
|
|
2,459
|
|
|
(14
|
)%
|
||
|
|
|
|
|
|
|||||
Other (income)/expense, net
|
(5
|
)
|
|
5
|
|
|
N.M.
|
|
||
Interest expense, net
|
201
|
|
|
178
|
|
|
13
|
%
|
||
Earnings before income taxes
|
1,924
|
|
|
2,276
|
|
|
(15
|
)%
|
||
|
|
|
|
|
|
|||||
Provision for income taxes
|
630
|
|
|
845
|
|
|
(25
|
)%
|
||
Net earnings
|
1,294
|
|
|
1,431
|
|
|
(10
|
)%
|
||
|
|
|
|
|
|
|||||
Less: Net earnings attributable to noncontrolling interests
|
(6
|
)
|
|
(4
|
)
|
|
N.M.
|
|
||
Net earnings attributable to Cardinal Health, Inc.
|
$
|
1,288
|
|
|
$
|
1,427
|
|
|
(10
|
)%
|
|
|
|
|
|
|
|||||
Earnings per common share attributable to Cardinal Health, Inc.:
|
|
|
|
|
|
|||||
Basic
|
$
|
4.06
|
|
|
$
|
4.36
|
|
|
(7
|
)%
|
Diluted
|
4.03
|
|
|
4.32
|
|
|
(7
|
)%
|
||
|
|
|
|
|
|
|||||
Weighted-average number of common shares outstanding:
|
|
|
|
|
|
|||||
Basic
|
317
|
|
|
327
|
|
|
|
|||
Diluted
|
320
|
|
|
330
|
|
|
|
(in millions)
|
June 30,
2017 |
|
June 30,
2016 |
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and equivalents
|
$
|
6,879
|
|
|
$
|
2,356
|
|
Trade receivables, net
|
8,048
|
|
|
7,405
|
|
||
Inventories, net
|
11,301
|
|
|
10,615
|
|
||
Prepaid expenses and other
|
2,117
|
|
|
1,580
|
|
||
Total current assets
|
28,345
|
|
|
21,956
|
|
||
|
|
|
|
||||
Property and equipment, net
|
1,879
|
|
|
1,796
|
|
||
Goodwill and other intangibles, net
|
9,207
|
|
|
9,426
|
|
||
Other assets
|
681
|
|
|
944
|
|
||
Total assets
|
$
|
40,112
|
|
|
$
|
34,122
|
|
|
|
|
|
||||
Liabilities, Redeemable Noncontrolling Interests and Shareholders’ Equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
17,906
|
|
|
$
|
17,306
|
|
Current portion of long-term obligations and other short-term borrowings
|
1,327
|
|
|
587
|
|
||
Other accrued liabilities
|
1,988
|
|
|
1,808
|
|
||
Total current liabilities
|
21,221
|
|
|
19,701
|
|
||
|
|
|
|
||||
Long-term obligations, less current portion
|
9,068
|
|
|
4,952
|
|
||
Deferred income taxes and other liabilities
|
2,877
|
|
|
2,781
|
|
||
|
|
|
|
||||
Redeemable noncontrolling interests
|
118
|
|
|
117
|
|
||
|
|
|
|
||||
Total Cardinal Health, Inc. shareholders' equity
|
6,808
|
|
|
6,554
|
|
||
Noncontrolling interests
|
20
|
|
|
17
|
|
||
Total shareholders’ equity
|
6,828
|
|
|
6,571
|
|
||
Total liabilities, redeemable noncontrolling interests and shareholders’ equity
|
$
|
40,112
|
|
|
$
|
34,122
|
|
|
Fourth Quarter
|
|
Fiscal Year
|
||||||||||||
(in millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
||||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
||||||||
Net earnings
|
$
|
278
|
|
|
$
|
335
|
|
|
$
|
1,294
|
|
|
$
|
1,431
|
|
|
|
|
|
|
|
|
|
||||||||
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization
|
192
|
|
|
176
|
|
|
717
|
|
|
641
|
|
||||
Gain on sale of other investments
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
||||
Gain on disposal of assets, net
|
3
|
|
|
4
|
|
|
18
|
|
|
21
|
|
||||
Share-based compensation
|
23
|
|
|
29
|
|
|
96
|
|
|
111
|
|
||||
Provision for deferred income taxes
|
291
|
|
|
87
|
|
|
291
|
|
|
87
|
|
||||
Provision for bad debts
|
17
|
|
|
22
|
|
|
63
|
|
|
73
|
|
||||
Change in fair value of contingent consideration obligation
|
(5
|
)
|
|
—
|
|
|
(5
|
)
|
|
(16
|
)
|
||||
Change in operating assets and liabilities, net of effects from acquisitions:
|
|
|
|
|
|
|
|
||||||||
Increase in trade receivables
|
(558
|
)
|
|
(145
|
)
|
|
(665
|
)
|
|
(866
|
)
|
||||
Decrease/(increase) in inventories
|
337
|
|
|
278
|
|
|
(673
|
)
|
|
(1,179
|
)
|
||||
Increase/(decrease) in accounts payable
|
329
|
|
|
(24
|
)
|
|
564
|
|
|
2,815
|
|
||||
Other accrued liabilities and operating items, net
|
(183
|
)
|
|
(121
|
)
|
|
(520
|
)
|
|
(147
|
)
|
||||
Net cash provided by operating activities
|
724
|
|
|
641
|
|
|
1,184
|
|
|
2,971
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
||||||||
Acquisition of subsidiaries, net of cash acquired
|
(19
|
)
|
|
(231
|
)
|
|
(132
|
)
|
|
(3,614
|
)
|
||||
Additions to property and equipment
|
(94
|
)
|
|
(181
|
)
|
|
(387
|
)
|
|
(465
|
)
|
||||
Purchase of available-for-sale securities and other investments
|
(6
|
)
|
|
(50
|
)
|
|
(194
|
)
|
|
(200
|
)
|
||||
Proceeds from sale of available-for-sale securities and other investments
|
113
|
|
|
37
|
|
|
228
|
|
|
136
|
|
||||
Proceeds from maturities of available-for-sale securities
|
28
|
|
|
13
|
|
|
77
|
|
|
50
|
|
||||
Proceeds from divestitures and disposal of property and equipment and held for sale assets
|
2
|
|
|
13
|
|
|
3
|
|
|
13
|
|
||||
Net cash provided by/(used in) investing activities
|
24
|
|
|
(399
|
)
|
|
(405
|
)
|
|
(4,080
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
||||||||
Payment of contingent consideration obligation
|
—
|
|
|
(2
|
)
|
|
(3
|
)
|
|
(25
|
)
|
||||
Net change in short-term borrowings
|
(22
|
)
|
|
(8
|
)
|
|
3
|
|
|
26
|
|
||||
Net purchase of noncontrolling interests
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
(10
|
)
|
||||
Reduction of long-term obligations
|
(250
|
)
|
|
(1
|
)
|
|
(310
|
)
|
|
(6
|
)
|
||||
Proceeds from interest rate swap terminations
|
—
|
|
|
—
|
|
|
14
|
|
|
—
|
|
||||
Proceeds from long-term obligations, net of issuance costs
|
5,171
|
|
|
—
|
|
|
5,171
|
|
|
—
|
|
||||
Net tax proceeds/(withholdings) from share-based compensation
|
6
|
|
|
9
|
|
|
26
|
|
|
6
|
|
||||
Excess tax benefits from share-based compensation
|
(3
|
)
|
|
—
|
|
|
34
|
|
|
33
|
|
||||
Dividends on common shares
|
(142
|
)
|
|
(126
|
)
|
|
(577
|
)
|
|
(512
|
)
|
||||
Purchase of treasury shares
|
—
|
|
|
(351
|
)
|
|
(600
|
)
|
|
(651
|
)
|
||||
Net cash provided by/(used in) financing activities
|
4,760
|
|
|
(479
|
)
|
|
3,746
|
|
|
(1,139
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Effect of exchange rates changes on cash and equivalents
|
3
|
|
|
(5
|
)
|
|
(2
|
)
|
|
(12
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Net increase/(decrease) in cash and equivalents
|
5,511
|
|
|
(242
|
)
|
|
4,523
|
|
|
(2,260
|
)
|
||||
Cash and equivalents at beginning of period
|
1,368
|
|
|
2,598
|
|
|
2,356
|
|
|
4,616
|
|
||||
Cash and equivalents at end of period
|
$
|
6,879
|
|
|
$
|
2,356
|
|
|
$
|
6,879
|
|
|
$
|
2,356
|
|
|
Fourth Quarter
|
|
|
Fourth Quarter
|
||||||||||||
(in millions)
|
2017
|
|
2016
|
|
(in millions)
|
2017
|
|
2016
|
||||||||
Pharmaceutical
|
|
|
|
|
Medical
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Revenue
|
|
|
|
|
Revenue
|
|
|
|
||||||||
Amount
|
$
|
29,552
|
|
|
$
|
28,177
|
|
|
Amount
|
$
|
3,416
|
|
|
$
|
3,210
|
|
Growth rate
|
5
|
%
|
|
14
|
%
|
|
Growth rate
|
6
|
%
|
|
12
|
%
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Segment profit
|
|
|
|
|
Segment profit
|
|
|
|
||||||||
Amount
|
$
|
505
|
|
|
$
|
542
|
|
|
Amount
|
$
|
138
|
|
|
$
|
122
|
|
Growth rate
|
(7
|
)%
|
|
1
|
%
|
|
Growth rate
|
13
|
%
|
|
19
|
%
|
||||
Segment profit margin
|
1.71
|
%
|
|
1.93
|
%
|
|
Segment profit margin
|
4.03
|
%
|
|
3.81
|
%
|
|
Fiscal Year
|
|
|
Fiscal Year
|
||||||||||||
(in millions)
|
2017
|
|
2016
|
|
(in millions)
|
2017
|
|
2016
|
||||||||
Pharmaceutical
|
|
|
|
|
Medical
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Revenue
|
|
|
|
|
Revenue
|
|
|
|
||||||||
Amount
|
$
|
116,463
|
|
|
$
|
109,131
|
|
|
Amount
|
$
|
13,524
|
|
|
$
|
12,430
|
|
Growth rate
|
7
|
%
|
|
20
|
%
|
|
Growth rate
|
9
|
%
|
|
9
|
%
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Segment profit
|
|
|
|
|
Segment profit
|
|
|
|
||||||||
Amount
|
$
|
2,187
|
|
|
$
|
2,488
|
|
|
Amount
|
$
|
572
|
|
|
$
|
457
|
|
Growth rate
|
(12
|
)%
|
|
19
|
%
|
|
Growth rate
1
|
25
|
%
|
|
6
|
%
|
||||
Segment profit margin
|
1.88
|
%
|
|
2.28
|
%
|
|
Segment profit margin
|
4.23
|
%
|
|
3.68
|
%
|
1.
|
Segment profit for the fiscal year ended June 30, 2016 includes the $43 million unfavorable impact of the Cordis-related inventory fair value step-up. Excluding this step-up, year-over-year Medical segment profit growth was 14 percent and 15 percent for the fiscal years ended June 30, 2017 and 2016, respectively.
|
|
|
Gross
|
|
Operating
|
Earnings
|
Provision
|
|
|
|
|
||||||||||||||||
|
|
Margin
|
|
Earnings
|
Before
|
for
|
|
Net
|
|
Diluted
|
||||||||||||||||
|
Gross
|
Growth
|
Operating
|
Growth
|
Income
|
Income
|
Net
|
Earnings
2
|
Diluted
|
EPS
2
|
||||||||||||||||
(in millions, except per common share amounts)
|
Margin
|
Rate
|
Earnings
|
Rate
|
Taxes
|
Taxes
|
Earnings
2
|
Growth Rate
|
EPS
2,3,4
|
Growth Rate
|
||||||||||||||||
Fourth Quarter 2017
|
||||||||||||||||||||||||||
GAAP
|
$
|
1,623
|
|
(3
|
)%
|
$
|
439
|
|
(29
|
)%
|
$
|
374
|
|
$
|
96
|
|
$
|
274
|
|
(18
|
)%
|
$
|
0.86
|
|
(16
|
)%
|
Restructuring and employee severance
|
—
|
|
|
24
|
|
|
24
|
|
9
|
|
15
|
|
|
0.05
|
|
|
||||||||||
Amortization and other acquisition-related costs
|
—
|
|
|
163
|
|
|
163
|
|
45
|
|
118
|
|
|
0.37
|
|
|
||||||||||
Impairments and (gain)/loss on disposal of assets
|
—
|
|
|
3
|
|
|
3
|
|
1
|
|
2
|
|
|
0.01
|
|
|
||||||||||
Litigation (recoveries)/charges, net
|
—
|
|
|
11
|
|
|
11
|
|
4
|
|
7
|
|
|
0.02
|
|
|
||||||||||
Non-GAAP
|
$
|
1,623
|
|
1
|
%
|
$
|
640
|
|
(1
|
)%
|
$
|
575
|
|
$
|
155
|
|
$
|
416
|
|
12
|
%
|
$
|
1.31
|
|
15
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Fourth Quarter 2016
|
|||||||||||||||||||||||||
GAAP
|
$
|
1,665
|
|
14
|
%
|
$
|
620
|
|
11
|
%
|
$
|
576
|
|
$
|
241
|
|
$
|
333
|
|
14
|
%
|
$
|
1.02
|
|
16
|
%
|
LIFO charges/(credits)
|
(51
|
)
|
|
(51
|
)
|
|
(51
|
)
|
(20
|
)
|
(31
|
)
|
|
(0.10
|
)
|
|
||||||||||
Restructuring and employee severance
|
—
|
|
|
6
|
|
|
6
|
|
2
|
|
4
|
|
|
0.01
|
|
|
||||||||||
Amortization and other acquisition-related costs
|
—
|
|
|
132
|
|
|
132
|
|
28
|
|
104
|
|
|
0.32
|
|
|
||||||||||
Impairments and (gain)/loss on disposal of assets
|
—
|
|
|
3
|
|
|
3
|
|
—
|
|
3
|
|
|
0.01
|
|
|
||||||||||
Litigation (recoveries)/charges, net
|
—
|
|
|
(66
|
)
|
|
(66
|
)
|
(25
|
)
|
(41
|
)
|
|
(0.13
|
)
|
|
||||||||||
Non-GAAP
|
$
|
1,614
|
|
11
|
%
|
$
|
643
|
|
5
|
%
|
$
|
599
|
|
$
|
226
|
|
$
|
372
|
|
12
|
%
|
$
|
1.14
|
|
14
|
%
|
|
|
Gross
|
|
Operating
|
Earnings
|
Provision
|
|
|
|
|
|||||||||||||||||
|
|
Margin
|
|
Earnings
|
Before
|
for
|
|
Net
|
|
Diluted
|
|||||||||||||||||
|
Gross
|
Growth
|
Operating
|
Growth
|
Income
|
Income
|
Net
|
Earnings
2
|
Diluted
|
EPS
2
|
|||||||||||||||||
(in millions, except per common share amounts)
|
Margin
|
Rate
|
Earnings
|
Rate
|
Taxes
|
Taxes
|
Earnings
2
|
Growth Rate
|
EPS
2,3,4
|
Growth Rate
|
|||||||||||||||||
Fiscal Year 2017
|
|||||||||||||||||||||||||||
GAAP
|
$
|
6,544
|
|
$
|
—
|
|
$
|
2,120
|
|
(14
|
)%
|
$
|
1,924
|
|
$
|
630
|
|
$
|
1,288
|
|
(10
|
)%
|
$
|
4.03
|
|
(7
|
)%
|
Restructuring and employee severance
|
—
|
|
|
56
|
|
|
56
|
|
20
|
|
36
|
|
|
0.11
|
|
|
|||||||||||
Amortization and other acquisition-related costs
|
—
|
|
|
527
|
|
|
527
|
|
165
|
|
362
|
|
|
1.13
|
|
|
|||||||||||
Impairments and (gain)/loss on disposal of assets
|
—
|
|
|
18
|
|
|
18
|
|
6
|
|
12
|
|
|
0.04
|
|
|
|||||||||||
Litigation (recoveries)/charges, net
|
—
|
|
|
48
|
|
|
48
|
|
19
|
|
29
|
|
|
0.09
|
|
|
|||||||||||
Non-GAAP
|
$
|
6,544
|
|
—
|
%
|
$
|
2,769
|
|
(4
|
)%
|
$
|
2,572
|
|
$
|
839
|
|
$
|
1,727
|
|
—
|
%
|
$
|
5.40
|
|
3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Fiscal Year 2016
|
||||||||||||||||||||||||||
GAAP
|
$
|
6,543
|
|
15
|
%
|
$
|
2,459
|
|
14
|
%
|
$
|
2,276
|
|
$
|
845
|
|
$
|
1,427
|
|
18
|
%
|
$
|
4.32
|
|
20
|
%
|
|
Restructuring and employee severance
|
—
|
|
|
25
|
|
|
25
|
|
9
|
|
16
|
|
|
0.05
|
|
|
|||||||||||
Amortization and other acquisition-related costs
|
—
|
|
|
459
|
|
|
459
|
|
143
|
|
316
|
|
|
0.96
|
|
|
|||||||||||
Impairments and (gain)/loss on disposal of assets
|
—
|
|
|
21
|
|
|
21
|
|
6
|
|
15
|
|
|
0.04
|
|
|
|||||||||||
Litigation (recoveries)/charges, net
|
—
|
|
|
(69
|
)
|
|
(69
|
)
|
(27
|
)
|
(42
|
)
|
|
(0.13
|
)
|
|
|||||||||||
Non-GAAP
|
$
|
6,543
|
|
15
|
%
|
$
|
2,895
|
|
17
|
%
|
$
|
2,711
|
|
$
|
976
|
|
$
|
1,732
|
|
18
|
%
|
$
|
5.24
|
|
20
|
%
|
|
Fourth Quarter
|
|
Fiscal Year
|
||||||||||||
(in millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
GAAP effective tax rate
|
25.8
|
%
|
|
41.8
|
%
|
|
32.7
|
%
|
|
37.1
|
%
|
||||
|
|
|
|
|
|
|
|
||||||||
Non-GAAP effective tax rate
|
|
|
|
|
|
|
|
||||||||
Earnings before income taxes
|
$
|
374
|
|
|
$
|
576
|
|
|
$
|
1,924
|
|
|
$
|
2,276
|
|
LIFO charges/(credits)
|
—
|
|
|
(51
|
)
|
|
—
|
|
|
—
|
|
||||
Restructuring and employee severance
|
24
|
|
|
6
|
|
|
56
|
|
|
25
|
|
||||
Amortization and other acquisition-related costs
|
163
|
|
|
132
|
|
|
527
|
|
|
459
|
|
||||
Impairments and loss on disposal of assets
|
3
|
|
|
3
|
|
|
18
|
|
|
21
|
|
||||
Litigation (recoveries)/charges, net
|
11
|
|
|
(66
|
)
|
|
48
|
|
|
(69
|
)
|
||||
Adjusted earnings before income taxes
|
$
|
575
|
|
|
$
|
599
|
|
|
$
|
2,572
|
|
|
$
|
2,711
|
|
|
|
|
|
|
|
|
|
||||||||
Provision for income taxes
|
$
|
96
|
|
|
$
|
241
|
|
|
$
|
630
|
|
|
$
|
845
|
|
LIFO charges/(benefits) tax benefit/(expense)
|
—
|
|
|
(20
|
)
|
|
—
|
|
|
—
|
|
||||
Restructuring and employee severance tax benefit
|
9
|
|
|
2
|
|
|
20
|
|
|
9
|
|
||||
Amortization and other acquisition-related costs tax benefit
|
45
|
|
|
28
|
|
|
165
|
|
|
143
|
|
||||
Impairments and loss on disposal of assets tax benefit
|
1
|
|
|
—
|
|
|
6
|
|
|
6
|
|
||||
Litigation (recoveries)/charges, net tax benefit/(expense)
|
4
|
|
|
(25
|
)
|
|
19
|
|
|
(27
|
)
|
||||
Adjusted provision for income taxes
|
$
|
155
|
|
|
$
|
226
|
|
|
$
|
839
|
|
|
$
|
976
|
|
|
|
|
|
|
|
|
|
||||||||
Non-GAAP effective tax rate
|
27.0
|
%
|
|
37.6
|
%
|
|
32.6
|
%
|
|
36.0
|
%
|
•
|
LIFO charges and credits
are excluded because the factors that drive last-in first-out ("LIFO") inventory charges or credits, such as pharmaceutical manufacturer price appreciation or deflation and year-end inventory levels (which can be meaningfully influenced by customer buying behavior immediately preceding our fiscal year-end), are largely out of our control and cannot be accurately predicted. The exclusion of LIFO charges from non-GAAP metrics allows for a better comparison of our current financial results to our historical financial results and to our peer group companies’ financial results.
|
•
|
Restructuring and employee severance costs
are excluded because they relate to programs in which we fundamentally change our operations and because they are not part of the ongoing operations of our underlying business.
|
•
|
Amortization and other acquisition-related costs
are excluded primarily for consistency with the presentation of the financial results of our peer group companies. Additionally, costs for amortizations of acquisition-related intangible assets are non-cash amounts, which are variable in amount and frequency and are significantly impacted by the timing and size of acquisitions, so their exclusion allows for better comparison of historical, current and forecasted financial results. We also exclude other acquisition-related costs because they are directly related to an acquisition but do not meet the criteria to be recognized on the acquired entity’s initial balance sheet as part of the purchase price allocation. They are also significantly impacted by the timing and size of acquisitions.
|
•
|
Impairments and gains or loss on disposal of assets
are excluded because they do not occur in or reflect the ordinary course of our ongoing business operations and their exclusion results in a metric that more meaningfully reflects the sustainability of our operating performance.
|
•
|
Litigation recoveries or charges, net
are excluded because they often relate to events that may have occurred in prior or multiple periods, and are inherently unpredictable in timing and amount. In the third quarter of fiscal 2017, consistent with the presentation of financial results by peer medical device companies, in litigation recoveries or charges, net we began to classify accrued losses and legal fees, net of expected recoveries, related to mass tort product liability claims, including claims for injuries allegedly caused by Cordis OptEase and TrapEase inferior vena cava (IVC) filter products. Such amounts would not have materially affected litigation recoveries or charges, net in prior periods, so have not been reclassified for those periods.
|
•
|
Loss on extinguishment of debt
is excluded because it does not typically occur in the normal course of business operations and may obscure analysis of trends and financial performance. Additionally, the amount and frequency of this type of charge is not consistent and is significantly impacted by the timing and size of debt financing transactions.
|
1 Year Cardinal Health Chart |
1 Month Cardinal Health Chart |
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