McKesson Q1 Profit Tops Estimate; Boosts FY14 Earnings Outlook

(RTTNews) - McKesson Corp. (MCK) reported net income for the first quarter of $424 million or $1.83 per share, compared to $380 million or $1.58 per share for the year-ago quarter.

Excluding items, first-quarter adjusted earnings per share from continuing operations was $2.07, compared to $1.54 in the prior year quarter.

Revenues for the first quarter rose 5% to $32.2 billion from $30.7 billion a year ago.

Analysts polled by Thomson Reuters expected the company to earn $1.71 per share on revenue of $32.60 billion for the first quarter. Analysts' estimates typically exclude special items.

The company said it now expects fiscal 2014 adjusted earnings per share from continuing operations to be $8.05 to $8.35, compared to its prior guidance of $7.90 and $8.20. Analysts currently expect the company to earn $8.09 per share for the fiscal year 2014.

The company said its Board of Directors has approved an increase to the quarterly dividend from 20 cents to 24 cents per share.