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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; ben.rubin@dowjones.com;

Stock News for Cardinal Health (CAH)
DateTimeHeadline
02/04/201619:58:00Cardinal Health Expert Shares How Hospitals Can Prepare For 340B...
02/02/201616:05:00Cardinal Health Board of Directors Approves Quarterly Dividend
02/01/201612:05:00Cardinal Health Revenue Rises 23% - Update
02/01/201608:50:00Cardinal Health Revenue Rises 23%
02/01/201608:41:00Cardinal Health Revenue Rises 23%
02/01/201607:03:06Current Report Filing (8-k)
02/01/201607:00:00Cardinal Health Reports Second-Quarter Results For Fiscal 2016
01/19/201616:24:51Statement of Changes in Beneficial Ownership (4)
01/14/201609:00:00Cardinal Health Ranked Among Most LGBT-Inclusive Places to Work...
01/12/201607:30:00Cardinal Health Reaffirms Fiscal 2016 Non-GAAP Diluted Earnings...
01/04/201616:10:00Cardinal Health to Release Second-Quarter Results for Fiscal...
12/14/201509:00:00Survey Shows Hospital Decision Makers Identify Supply Chain Effectiveness...
12/11/201509:00:00Invitation to Improve Community Drug Disposal Programs Through...
12/02/201516:24:19Statement of Changes in Beneficial Ownership (4)
12/01/201516:30:16Statement of Changes in Beneficial Ownership (4)
11/19/201516:30:00Strong Results Reported for the Cordis INCRAFT® AAA Stent Graft...
11/18/201503:00:00Vigilant Biosciences Selects Cardinal Health as Global Third...
11/17/201516:14:26Statement of Changes in Beneficial Ownership (4)
11/17/201516:12:14Statement of Changes in Beneficial Ownership (4)
11/12/201508:46:06Statement of Changes in Beneficial Ownership (4)

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