The Dublin, Ohio-based company posted profits of $324 million, or $1.02 per share, on sales of $33.1 billion for the 3 months ended December 31, with the bottom-line shrinking 0.6% while sales grew 5.4% compared with the same period last year.
After adjusting to exclude 1-time items, earnings per share were $1.34, ahead of the $1.23 consensus on The Street, though the company missed revenue expectations, where analysts were expecting to see $33.5 billion from the company.
“Our organization has shown great resilience in the first half of our fiscal 2017. While pricing in the generic pharmaceutical market was a significant headwind for our Pharmaceutical segment profit and our enterprise operating earnings, overall we are seeing greater growth in more lines of business than we’ve seen in some time. Of particular note, we saw strong growth in our Specialty Solutions group, and our Medical segment, where virtually every part of that business grew. As we enter the second half of the year, our organization continues to work with a clear sense of purpose – patient-centered and squarely focused on helping our partners improve the quality, safety and efficiency of the healthcare system,” Cardinal Health CEO George Barrett said in a press release.
Cardinal Health adjusted its non-GAAP diluted earnings per share guidance for the rest of the fiscal year, expecting to post between $5.35 and $5.50 – up from earlier guidance of between $5.40 and $5.60.
Shares in Cardinal Health have lifted 2% to trade at $77.54 as of 3:14 p.m. EST.