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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 | |
---|---|---|---|---|---|---|---|---|
0.34 | 0.35% | 96.39 | 96.75 | 95.66 | 96.41 | 1,206,278 | 01:00:00 |
("=Cardinal Health 4Q Net Falls 14%; Raises FY EPS View," at 7:38 a.m. EDT, misstated the percentage by which medical-segment profit fell. The correct version follows:)
DOW JONES NEWSWIRES
Cardinal Health Inc.'s (CAH) fiscal fourth-quarter income dropped 14% on weaker sales and profit in its medical-products segment, though earnings matched and revenue beat Wall Street's expectations.
The company also raised its fiscal-year earnings view and gave a stronger-than-expected projection for revenue growth.
Cardinal on Aug. 31 will spin off its faster-growing clinical and medical-products business from its core drug-distribution unit, which has been hurt by hospital-spending delays. Moody's Investors Service last month said the post-spinoff company will rely heavily on distribution, which has slim margins.
For the period ended June 30, the company posted income of $273.2 million, or 75 cents a share, down from $318 million, or 88 cents a share, a year earlier. The latest results included a 1 cent charge for classifying the company's British Martindale injectable manufacturing business as discontinued operations.
Excluding that and other items, per-share earnings fell to 86 cents from 96 cents, in line with estimates.
Revenue rose 10% to $25.2 billion.
Analysts polled by Thomson Reuters expected earnings of 86 cents and revenue $24.33 billion.
Gross margin fell to 5.4% from 6.4%.
Pharmaceutical-supply earnings rose 8%, helped by a sales rise of 11% amid growth in generic drugs. Medical-segment revenue fell 12% and profit fell 32% amid deferred hospital capital spending, foreign exchange-impact and a shipping issue.
Looking forward, the company forecast earnings for the new fiscal year of $1.90 a share to $2 a share, up from its June view of $1.87 to $1.91, on "low single-digit" revenue growth. Analysts expected a revenue drop of 1% to $97.56 billion.
Cardinal Health's shares rose 1.6% to $33.90 in premarket trading.
-By Mike Barris and Kerry Grace Benn, Dow Jones Newswires; 212-416-2353; kerry.benn@dowjones.com
1 Year Cardinal Health Chart |
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