Cardinal’s bottom line was dragged lower by a $154 million goodwill impairment charge from its medical business, along with the impacts of inflation.
Photo:
Ty Wright/Bloomberg News
Cardinal Health Inc.
CAH 2.08%
said Friday that its top line rose 13% in its recently completed quarter, with gains from its pharmaceutical business offsetting a decline in its medical segment.
The Dublin, Ohio, healthcare-products distributor said its profit for its fiscal first quarter ended Sept. 30 fell to $110 million, or 40 cents a share, from $271 million, or 94 cents, a year ago. The company’s bottom line was dragged lower by a $154 million goodwill impairment charge from its medical business, along with the impacts of inflation, Cardinal said.
Stripping out one-time items, adjusted earnings were $1.20 a share, topping analysts forecasts by 26 cents, according to FactSet.
Overall revenue came in at $49.6 billion, ahead of Wall Street estimates for $48.19 billion. The company’s pharmaceutical unit, which makes up the most of the overall business, jumped 15%. Sales in its smaller medical segment fell 9%.
The company backed its guidance for adjusted earnings for fiscal year 2023 to be between $5.05 and $5.40 a share.
Cardinal is one of the last major healthcare companies to report its earnings this season, which has seen most of the industry posting top line growth.
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Cardinal’s bottom line was dragged lower by a $154 million goodwill impairment charge from its medical business, along with the impacts of inflation.
Photo:
Ty Wright/Bloomberg News
Cardinal Health Inc.
CAH 2.08%
said Friday that its top line rose 13% in its recently completed quarter, with gains from its pharmaceutical business offsetting a decline in its medical segment.
The Dublin, Ohio, healthcare-products distributor said its profit for its fiscal first quarter ended Sept. 30 fell to $110 million, or 40 cents a share, from $271 million, or 94 cents, a year ago. The company’s bottom line was dragged lower by a $154 million goodwill impairment charge from its medical business, along with the impacts of inflation, Cardinal said.
Stripping out one-time items, adjusted earnings were $1.20 a share, topping analysts forecasts by 26 cents, according to FactSet.
Overall revenue came in at $49.6 billion, ahead of Wall Street estimates for $48.19 billion. The company’s pharmaceutical unit, which makes up the most of the overall business, jumped 15%. Sales in its smaller medical segment fell 9%.
The company backed its guidance for adjusted earnings for fiscal year 2023 to be between $5.05 and $5.40 a share.
Cardinal is one of the last major healthcare companies to report its earnings this season, which has seen most of the industry posting top line growth.
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8