The Dublin, Ohio-based company posted profits of $309 million, or $1.24 per share, on sales of $32.0 billion for the 3 months ended Sept. 30, for a bottom-line slide of -19% on sales growth of 14% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were $1.24, ahead of consensus on The Street, where analysts were looking for sales of $31.22 billion.
“Our 1st-quarter results were largely as we suggested they would be, with a healthy increase in revenue and a decrease in our operating earnings largely driven by conditions in the pharmaceutical distribution market,” chairman & CEO George Barrett said in prepared remarks. “While short-term headwinds, particularly around pharmaceuticals, are quite challenging, our medical segment had an excellent quarter building on the momentum coming out of fiscal year 2016. From an operating perspective, our metrics were strong in both of our reporting segments, and our strategic positioning is well-aligned with the changing needs of the market.”
Profits for Cardinal’s medical segment surged 26% to $127 million on sales growth of 12% to $3.3 billion, “driven by contributions from acquisitions and net new and existing customers,” the company said.
Cardinal Health said its full-year pharmaceutical segment profit is expected to fall mid-to-high single digits compared to FY2016, with the problems rooted in generic pharmaceutical pricing and reduced levels of branded inflation.
The company slightly lowered its FY2017 guidance range for adjusted diluted EPS continuing operations to a range of $5.40 to $5.60, down from $5.48 to $5.73.
CAH shares were trading at $68.28 apiece today in morning trading, down -0.60%.
The post Cardinal Health cuts outlook after pharma segment profits fall appeared first on MassDevice.
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