Shares in Cardinal Health (NYSE:CAH) are rising in early morning trading after the medical device maker posted second quarter fiscal year 2019 earnings that handily topped Wall Street analyst’s expectations.
The Dublin, Ohio-based company posted profits of $280 million, or 93¢ per share, on sales of $37.7 billion for the three months ended December 31, seeing profits slide 73.4% while sales grew 7.3% compared with the same period during the previous year.
Adjusted to exclude one-time items, earnings per share were $1.29, well ahead of the $1.09 consensus on Wall Street where analysts expected to see sales of $36.1 billion, which the company also topped.
“Overall, results this quarter came in ahead of our expectations led by the pharmaceutical segment. 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. As a result, we are raising our guidance for the full fiscal year,” CEO Mike Kaufmann said in a press release.
Cardinal Health lifted its non-GAAP earnings per share guidance for the full fiscal year 2019 to between between $4.97 and $5.17, up from earlier estimates of between $4.90 and $5.15.
Cardinal Health shares are up approximately 6.7% so far today, at $54.17 as of 11:17 a.m. EST.
In December, Cardinal Health said it launched a supply chain automation solution designed to address the challenges in the operating room.