The Dublin, Ohio-based company posted losses of $1.2 billion, or $3.76 per share, on sales of $35.3 billion for the three months ended June 30, seeing profits swing to red ink while sales grew 7.2% compared with the same period during the previous year.
Adjusted to exclude one-time items, earnings per share were $1.01, ahead of the 93¢ per share consensus on Wall Street where analysts expected to see sales of $34.4 million, which the company topped.
For the full year, Cardinal Health reported profits of $256 million, or 81¢ per share, on sales of $136.8 billion, with sales growth of 5% year-over-year.
Adjusted to exclude one-time items, earnings per share were $5.00, ahead of the $4.92 per share consensus on Wall Street where analysts expected to see sales of $135.8 billion, which the company also topped.
“Fiscal ’18 was a challenging year, but we are making significant progress by taking decisive actions to drive growth, reduce costs and enhance profitability. We are on track, and Cardinal Health’s best-in-class products and services continue to distinguish us with our customers and their patients,” CEO Mike Kaufmann said in a press release.
Cardinal Health provided guidance for its upcoming fiscal year 2019, expecting to see non-GAAP diluted EPS of between $4.90 and $5.15.
Shares in Cardinal Health have risen 1.3% so far today, at $50.97 as of 10:11 a.m. EDt.
In June, Cardinal Health said that it divested itself of its majority stake in NaviHealth to private equity firm Clayton, Dubilier & Rice, with Cardinal Health retaining the call right to reacquire the business.