Cardinal Health Beats On EPS, Misses On Revenue

Cardinal Health Inc. reported its F4Q profit nearly tripled, bolstered by the $3.3 billion sale of its pharmaceutical technologies and services segment. On a net earnings basis, profits were $902 million (EPS $2.33) versus $321.1 million in the year earlier period (EPS $0.76). On a non-GAAP basis, EPS was $0.89 vs. consensus estimates for EPS of $0.86. Revenue rose to $22.26 billion from $21.25 billion; analysts were expecting an average of $22.55 billion in revenue. Earnings from continuing operations fell to $0.61 from $0.73 on charges booked on the acquisition of Viasys Corp. (full story). The company earlier projected its FY2008 EPS would be in a range of $3.95-$4.15. Shares were lower by 0.56% in pre-market action as of 7:55 a.m. ET. Shares closed higher by 1.04% in composite trading Wednesday. Wednesday, the company announced it would buy back $2 billion worth of its own shares.

Sources: Press Release, Bloomberg, MarketWatch, AP, Reuters
Commentary: Cardinal Health: Litigation, Sale and Acquisition Leave 2007 EPS Unchanged • Cardinal Health Forecasts '07 EPS at Top End, Reiterates '08 Guidance • Multiple Symptoms of Excessive Pay at Cardinal Health
Stocks/ETFs to watch: CAH. Competitors: MCK, ABH, OMI. ETFs: XLV

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