Pharmaceutical wholesaler Cardinal Health Inc (CAH.N) said its quarterly profit fell 23 percent from a year ago, hurt by lower prices and supply disruptions, but raised its full-year forecast.
Cardinal posted a net profit of $194 million, or 54 cents per share, for its fiscal fourth quarter, compared with a profit of $273.2 million, or 75 cents per share, a year ago.
Excluding items, the Dublin, Ohio-based company earned 50 cents per share, just beating analysts' average forecast of 49 cents per share, according to Thomson Reuters I/B/E/S.
Cardinal said segment profit in its pharmaceutical business, which makes up the bulk of its revenue, was hit by "lower branded inflation income, the year-over-year impact from customer pricing changes and supply disruptions in nuclear pharmacy."
Revenue for the quarter rose 0.5 percent to $24.5 billion, slightly missing analysts' average forecast of $24.68 billion.
"We have gained additional clarity regarding key inputs to our planning process since offering our preliminary 2011 outlook in April," CEO George Barrett said in a statement. "Based on our current information, we are raising our fiscal 2011 guidance for non-GAAP diluted EPS from continuing operations to a range of $2.38 to $2.48."
The company had previously forecast earnings of $2.35 to $2.45 per share, excluding items, for the fiscal year that began in July.
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