Cardinal Health (NYSE:CAH) shares got a boost today on first-quarter results that came in ahead of the consensus forecast.
The Dublin, Ohio-based company posted losses of -$253 million, or -86¢ per share, on sales of $39.1 billion for the three months ended Sept. 30, 2020, for a 94.9% bottom-line gain on sales growth of 4.6%.
Adjusted to exclude one-time items, earnings per share were $1.51, 38¢ ahead of Wall Street, where analysts were looking for sales of $38.2 billion.
The company’s pharmaceutical business saw a 5% growth in revenues and a 1% bump in profits, while the medical segment increased 1% in revenues but leapt 36% in profits due to cost-saving measures.
“Our first-quarter results and improved outlook for the year demonstrate the resilience of our business model,” Cardinal Health CEO Mike Kaufmann said in a news release. “We delivered strong performance in both segments due to progress against our growth initiatives and disciplined expense management. As we continue to navigate the pandemic, we remain focused on optimizing our core businesses and making strategic investments that create long-term value for our shareholders, customers, communities and employees.”
Cardinal Health said it now expects to log adjusted EPS of between $5.65 and $5.95, compared with between $5.25 and $5.65 per share previously.
CAH shares were up 5.8% at $52.30 in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 1.75%.