Cardinal Health (NYSE:CAH) posted second-quarter results today that beat the consensus on Wall Street.
The Dublin, Ohio-based company reported profits of $220 million, or 75¢ per share, on sales of $39.7 billion for the three months ended Dec. 31, 2019, for a bottom-line loss of -21.4% sales growth of 5.3% compared with Q2 2019.
Adjusted to exclude one-time items, earnings per share were $1.52, 30¢ ahead of The Street, where analysts were looking for sales of $39.4 billion.
“With the first half of the year behind us, we are raising our fiscal year 2020 guidance,” CEO Mike Kaufmann said. “This increase was driven by improved performance across our pharmaceutical segment, particularly within our generics program. As we look forward, we remain focused on executing our strategic growth initiatives.”
Cardinal Health reported that GAAP operating earnings decreased 34%, which included $96 million charges in connection with the recent surgical gown recalls.
The medical segment of the company profited $195 million, up 4% from Q2 2019.
Shares in CAH were up 11.45% to $58.71 apiece in early morning trading.