Cardinal Health Inc. (CAH) reported its third-quarter results before the opening bell Thursday. Here’s what you need to know:
REVENUE: Sales jumped 5.7% to $33.63 billion, topping estimates of $33.45 billion. Revenue in the pharmaceutical segment rose 5% while medical-segment revenue climbed 15%.
EARNINGS: Profit fell to $255 million, or 81 cents a share, from $381 million, or $1.20, a year earlier. On an adjusted basis, earnings declined 9% to $1.39 a share, missing the $1.51 target analysts were looking for. The quarter was hurt by a change in the tax rate associated with its Cordis business housed in its medical segment. The weak performance of the company’s generic program also hurt profitability.
OUTLOOK: The company lowered its 2018 adjusted earnings outlook to $4.85 to $4.95 a share from prior guidance of $5.25 to $5.50 a share, to reflect performance issues and the negative tax rate at the Cordis business.
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