Cardinal Health's stock falls on mixed quarterly results

Dow Jones05-02

MW Cardinal Health's stock falls on mixed quarterly results

Cardinal Health Inc.'s shares $(CAH)$ fell 1.2% premarket on Thursday after the company reported mixed results for its fiscal third quarter but raised its full-year profit outlook. The drug distributor and lab-equipment provider reported net income of $258 million, or $1.05 per share, down from $345 million, or $1.34 per share, in the year-earlier period. Adjusted earnings per share came to $2.08 in the quarter, up from $1.74 a year earlier and beating the FactSet consensus of $1.95. Revenues totaled $54.9 billion, up 9% from a year earlier but missing the FactSet consensus of $56.05 billion. Cardinal boosted its fiscal year 2024 adjusted earnings per share guidance to a range of $7.30 to $7.40, up from $7.20 to $7.35 previously. The company also provided preliminary guidance on fiscal year 2025, projecting adjusted earnings per share of at least $7.50. Cardinal shares have gained 1.4% in the year to date, while the S&P 500 is up 5.2%.

-Eleanor Laise

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May 02, 2024 07:08 ET (11:08 GMT)

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The drug distributor and lab-equipment provider reported net income of $258 million, or $1.05 per share, down from $345 million, or $1.34 per share, in the year-earlier period. Adjusted earnings per share came to $2.08 in the quarter, up from $1.74 a year earlier and beating the FactSet consensus of $1.95. Revenues totaled $54.9 billion, up 9% from a year earlier but missing the FactSet consensus of $56.05 billion. Cardinal boosted its fiscal year 2024 adjusted earnings per share guidance to a range of $7.30 to $7.40, up from $7.20 to $7.35 previously. The company also provided preliminary guidance on fiscal year 2025, projecting adjusted earnings per share of at least $7.50. Cardinal shares have gained 1.4% in the year to date, while the S&P 500 is up 5.2%. \n\n\n     -Eleanor Laise \n\n\n     This content was created by MarketWatch, which is operated by Dow Jones & Co. 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