Cardinal Health (NYSE:CAH) posted third-quarter results that beat the consensus forecast on Wall Street.
The Dublin, Ohio-based company reported profits of $351 million, or $1.19 per share, on sales of $39.2 billion for the three months ended March 31, for a bottom-line gain of 18.6% sales growth of 11.4% compared with Q3 2019.
Adjusted to exclude one-time items, earnings per share were $1.62, 17¢ ahead of The Street, where analysts were looking for sales of $37 billion.
“I want to express my gratitude to our employees and our partners across the healthcare industry for their incredible efforts to help us perform our critical role in the supply chain during this unprecedented time,” CEO Mike Kaufmann said in a news release. “We remain committed to delivering products and solutions to front-line health care providers so they can safely serve and treat patients around the world. As we look toward and beyond the fourth quarter, we will continue to take strategic actions to fulfill this mission.”
Cardinal Health’s medical segment was up 5% from Q3 2019 to $4.1 billion in revenue. The segment’s profit increased 15% to $178 million in the third quarter due to an increase in products and distribution, according to the company.
The company said it expects a significant net negative impact on fourth-quarter financial results in both segments due to a decrease in volume related to the cancellation or deferral of elective medical procedure during the COVID-19 pandemic.
Shares in CAH were up 6.92% to $53.33 apiece in mid-morning trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.2%.