Cardinal Health Raises FY24 Earnings Outlook

(RTTNews) - Cardinal Health (CAH) raised its fiscal 2024 guidance range for non-GAAP earnings per share attributable to company to $7.20 to $7.35, from its previous guidance range of $6.75 to $7.00. Analysts polled by Thomson Reuters expect the company to report profit per share of $6.96. Analysts' estimates typically exclude special items.

"With our first half performance including positive operating leverage, incremental return of capital to shareholders beyond our baseline plans, and confidence in our efforts as we look ahead, we are pleased to again raise our fiscal 2024 non-GAAP EPS guidance, which reflects 26% growth at the mid-point compared to our fiscal 2023 results," said Aaron Alt, CFO of Cardinal Health.

Second quarter net earnings attributable to Cardinal Health was $353 million compared to a loss of $130 million, last year. Profit per share was $1.43 compared to a loss of $0.50. Second quarter non-GAAP operating earnings increased 20% to $562 million, driven by strong growth in both Pharmaceutical segment profit and Medical segment profit. Non-GAAP earnings per share increased 38% to $1.82. On average, 13 analysts polled by Thomson Reuters expected the company to report profit per share of $1.60, for the quarter.

Second quarter revenue was $57.4 billion, an increase of 12% from the second quarter of last year. Revenue for the Pharmaceutical segment increased 12% to $53.5 billion, driven by brand and specialty pharmaceutical sales growth from existing customers. Revenue for the Medical segment increased 3% to $3.9 billion, driven by growth in at-Home Solutions and Global Medical Products and Distribution, which primarily reflects higher Cardinal Health Brand volumes. Analysts on average had estimated $57.01 billion in revenue.

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