The Dublin, Ohio-based company reported losses of $5.3 billion, or -$16.65 per share, on sales of $37.3 billion for the three months ended Sept. 30, 2019, for a bottom-line loss of -749.5% sales growth of 6% compared with Q1 2019.
Adjusted to exclude one-time items, earnings per share were $1.27, 18¢ ahead of The Street, where analysts were looking for sales of $36.8 billion.
“We are off to a solid start to fiscal year 2020, giving us confidence in our operating rigor and path forward,” CEO Mike Kaufmann said in a news release. “Our disciplined cost management is enabling strategic investment across the enterprise. We recognize that as our industry and the healthcare sector continue to evolve, there is more work to be done. Our core capabilities, deep industry knowledge and scale position us to adapt and deliver long-term shareholder value.”
Cardinal Health said it reaffirms its FY2020 guidance and expects to post earnings per share of $4.85 to $5.10.
Investors reacted by sending shares up 4.3% to $53.60 apiece in pre-market.