Cardinal Health shares rise on Q4, FY2018 earnings beat

Shares in Cardinal Health (NYSE:CAH) rose today after the medtech giant beat expectations on Wall Street with its fourth quarter and full fiscal year 2018 earnings results.

The Dublin, Ohio-based company posted losses of $1.2 billion, or $3.76 per share, on sales of $35.3 billion for the three months ended June 30, seeing profits swing to red ink while sales grew 7.2% compared with the same period during the previous year.

Adjusted to exclude one-time items, earnings per share were $1.01, ahead of the 93¢ per share consensus on Wall Street where analysts expected to see sales of $34.4 million, which the company topped.

For the full year, Cardinal Health reported profits of $256 million, or 81¢ per share, on sales of $136.8 billion, with sales growth of 5% year-over-year.

Adjusted to exclude one-time items, earnings per share were $5.00, ahead of the $4.92 per share consensus on Wall Street where analysts expected to see sales of $135.8 billion, which the company also topped.

“Fiscal ’18 was a challenging year, but we are making significant progress by taking decisive actions to drive growth, reduce costs and enhance profitability. We are on track, and Cardinal Health’s best-in-class products and services continue to distinguish us with our customers and their patients,” CEO Mike Kaufmann said in a press release.

Cardinal Health provided guidance for its upcoming fiscal year 2019, expecting to see non-GAAP diluted EPS of between $4.90 and $5.15.

Shares in Cardinal Health have risen 1.3% so far today, at $50.97 as of 10:11 a.m. EDt.

In June, Cardinal Health said that it divested itself of its majority stake in NaviHealth to private equity firm Clayton, Dubilier & Rice, with Cardinal Health retaining the call right to reacquire the business.

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