Cardinal Health Inc. CAH, -2.91% on Thursday reported a 73% fall in profit for its fiscal second quarter and raised its adjusted earnings per share guidance for the year.
The Ohio-based health-care services company had net income of $280 million, or 93 cents a share, compared with $1.05 billion, or $3.33 a share, for the same period last year. Excluding items, Cardinal Health reported profit of $1.29 a share for the quarter, compared with $1.51 last year and analysts’ forecasts of $1.09.
Last year Cardinal’s earnings were boosted by the U.S. tax reforms.
Sales rose to $37.7 billion from $35.19 billion, the company said.
For the 2019 fiscal year Cardinal now expects adjusted EPS of between $4.97 and $5.17 compared with an earlier estimate of between $4.90 and $5.15.
“We are making good progress on our strategic initiatives to drive future growth and are well-positioned to exceed our cost-savings targets for the enterprise,” Chief Executive Michael Kaufmann said.
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