Cardinal Health
beat earnings estimates for its fiscal fourth quarter and raised its full-year earnings guidance amid strength at its pharmaceutical division, which makes and sources specialty products like vaccines and antivirals.
Cardinal Health
(ticker: CAH) reported fiscal fourth-quarter earnings of $1.55 a share on revenue of $53.5 billion. Analysts surveyed by FactSet were expecting the company to post earnings of $1.49 a share on revenue of $52.7 billion.
“We are pleased with the strong finish to the year, including robust cash flow generation, continued strong growth in the Pharmaceutical segment and significant improvement in the Medical segment,” Chief Executive Jason Hollar said in the earnings release.
The pharmaceutical segment reported fourth-quarter revenue of $49.7 billion, which was above Wall Street estimates of $49.1 billion. The medical segment posted revenue of $3.8 billion, also beating the consensus call of $3.7 billion.
The company also raised its full-year earnings guidance by 5 cents to between $6.50 a share and $6.75 a share.
Shares of Cardinal Health were falling 2.6% to $90.57 on Tuesday, erasing earlier gains. The stock has risen 18% in 2023.
Write to Angela Palumbo at [email protected]
Read the full article here
