Cardinal Health Raises Outlook, Profit Rises 44%
November 02 2015 - 8:40AM
Dow Jones News
Cardinal Health Inc. raised its annual profit outlook and
reported that its earnings rose 44% on better-than-expected revenue
growth.
For the year ending in June, the company raised its forecast for
per-share earnings from continuing operations to $5.15 to $5.35,
from its previous estimate for per-share profit from continuing
operations of $4.85 to $5.05.
Cardinal, a drug wholesaler that also makes gloves and surgical
apparel, is working to expand its portfolio of medical products as
hospitals merge. The Dublin, Ohio, company recently completed its
$1.94 billion acquisition of the Cordis heart-product business from
Johnson & Johnson, adding stents and catheters to the list of
products Cardinal offers. Earlier this year, Cardinal completed its
roughly $1.12 billion acquisition of Harvard Drug Group, a deal
that broadens its offerings of generic and over-the-counter
medications.
In the latest quarter, pharmaceutical segment revenue climbed
19% to $25.1 billion, while medical segment revenue grew 2% to $2.9
billion.
For the period ended Sept. 30, Cardinal Health reported a profit
of $383 million, or $1.15 a share, up from $266 million, or 78
cents a share, a year earlier. Excluding acquisition-related costs
and other items, per-share earnings rose to $1.38 from $1. Revenue
increased 17% to $28.06 billion.
Analysts polled by Thomson Reuters expected per-share profit of
$1.10 and revenue of $27.18 billion.
Write to Tess Stynes at tess.stynes@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 02, 2015 08:25 ET (13:25 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
Cardinal Health (NYSE:CAH)
Historical Stock Chart
From Mar 2024 to Apr 2024
Cardinal Health (NYSE:CAH)
Historical Stock Chart
From Apr 2023 to Apr 2024