Cardinal Health (NYSE:CAH) stock is down today after the company’s third-quarter earnings missed the Wall Street consensus forecast.
The Dublin, Ohio–based medical device manufacturer and life science products distributor reported profits of $119 million, or 40¢ per share, off sales of $39.275 billion for the quarter ended March 31, 2021, with earnings down two-thirds off a slight dip in sales compared with Q3 2020.
Adjusted to exclude one-time items, earnings per share were $1.52, –3¢ behind The Street, where analysts were looking for EPS of $1.55 off $40.09 billion in sales.
“We remain focused on serving our customers and their patients and continue to advance our strategic priorities,” Cardinal Health CEO Mike Kaufmann said in a news release. “With our resilient business model and strong fundamentals, we are navigating the effects of the pandemic and finding opportunities to adapt, innovate and invest for future growth.”
Cardinal Health’s Medical segment Q3 revenues were up 3% year-over-year to $4.2 billion, with profits down –2% to $174 million. The effects of the COVID-19 pandemic were a net positive on sales but a slight negative on earnings.
Cardinal Health narrowed its fiscal year 2021 guidance range to $5.90 to $6.05, from the prior range of $5.85 to $6.10.
Investors reacted by sending CAH shares down more than –8% to $55.56 apiece by the afternoon today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down slightly.
