Cardinal Health Reports Higher Quarterly Earnings
Cardinal Health reported an 11 percent rise in quarterly earnings on Monday, led by its clinical and medical products businesses, but cited disappointment with its main pharmaceutical supply chain segment.
Earnings at the drug wholesaler increased to $301.8 million, or 82 cents per share, in the first quarter ended on Sept. 30, from $270.7 million, or 66 cents per share, a year earlier.
Excluding special items, profit was 86 cents per share, matching the analysts' average forecast, according to Reuters Estimates.
Revenue rose 5 percent to $22 billion.
Profit in the pharmaceutical wholesaling and distribution segment increased 6 percent to $305 million.
The Dublin, Ohio-based company said the segment had suffered because of moderating sales of prescription drugs, pricing pressure for its nuclear pharmacy and fewer launches of generic medicines in the early part of the fiscal year.
Cardinal affirmed its fiscal-year earnings forecast of $3.95 to $4.15 per share. But it lowered its outlook for profit growth in the pharmaceutical wholesaling segment to below 7 percent for the period from a prior forecast of 7 percent to 10 percent.