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Cardinal Health 2Q Net Up 22% On Pharmaceutical Unit Strength

DOW JONES NEWSWIRES Cardinal Health Inc.'s (CAH) fiscal second-quarter earnings rose 22% on growth in its pharmaceuticals segment and higher margins, though the medical business posted weaker income. The second-biggest drug distributor in the U.S. behind McKesson Corp. (MCK) has continued to report stronger revenue, partly thanks to acquisitions. Cardinal has been acquisitive amid efforts to reduce its dependence on major customers such as CVS Caremark Corp. (CVS) and drug-store chain Walgreen Co.(WAG). Its more recent purchases include a diverse range of businesses, including China's largest pharmaceutical importer, a distributor of nursing-home supplies and a specialty pharmaceutical services company. For the quarter ended Dec. 31, Cardinal Health reported a profit of $262 million, or 75 cents a share, up from $215.4 million, or 61 cents a share, a year earlier. Excluding acquisition-related costs and other items, earnings from continuing operations rose to 81 cents from 73 cents. Revenue increased 6.7% to $27.08 billion. Analysts polled by Thomson Reuters most recently forecast earnings of 73 cents on revenue of $26.89 billion. Gross margin rose to 4.1% from 3.9%. The company's pharmaceutical segment's revenue grew 6.5%, and its profit rose 30% on acquisitions and increased volume from existing and new customers. The smaller medical business reported 9.4% higher revenue, but its profit declined 18% on commodity price pressure and increased investments in information systems. Shares closed Wednesday at $43.08 and were inactive premarket. The stock is down 1.7% over the past three months. -By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; [email protected];

Stock News for Cardinal Health (CAH)
DateTimeHeadline
02/15/201708:00:00Survey Finds Hospital Staff Report Better Supply Chain Management...
02/13/201717:01:15Statement of Changes in Beneficial Ownership (4)
02/10/201714:44:40Amended Statement of Ownership (sc 13g/a)
02/10/201710:38:30Statement of Ownership (sc 13g)
02/10/201707:45:02Statement of Ownership (sc 13g)
02/09/201710:07:05Schedule 13g
02/07/201716:46:24Automatic Shelf Registration Statement of Securities of Well-known...
02/07/201708:20:00Cardinal Health Again Trims 2017 Profit Forecast
02/07/201707:03:56Current Report Filing (8-k)
02/07/201707:00:00Cardinal Health Reports Second-quarter Results for Fiscal Year...
02/02/201716:15:00Cardinal Health Board of Directors Approves Quarterly Dividend
01/23/201714:19:32Amended Statement of Ownership (sc 13g/a)
01/17/201716:22:50Statement of Changes in Beneficial Ownership (4)
01/17/201716:22:15Statement of Changes in Beneficial Ownership (4)
01/11/201716:26:43Initial Statement of Beneficial Ownership (3)
01/09/201714:09:00Cardinal Health Reaches Settlement With West Virginia
01/04/201708:30:00Cardinal Health to Webcast Discussion of Second-Quarter Results...
11/14/201608:26:24Statement of Changes in Beneficial Ownership (4)
11/07/201616:45:18Statement of Changes in Beneficial Ownership (4)
11/07/201608:27:19Current Report Filing (8-k)

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