Cardinal Health posts fewer sales but greater profits vs. Wall Street expectations
DUBLIN, Ohio — Cardinal Health on Thursday reported fiscal year 2013 third-quarter revenue of $24.6 billion, a 8.9% decline as compared with the quarter a year ago.
However, Cardinal Health reported net earnings per share of $1.01, up 5.2%. According to published reports, Wall Street had been expecting greater revenue of $24.7 billion but at a lesser gain with earnings expectations estimated around 96 cents per share.
"We delivered another solid performance in our fiscal third quarter," stated George Barrett, chairman and CEO of Cardinal Health. "Both our pharmaceutical and medical segments reported double-digit profit growth."
Following the quarterly report, the wholesaler raised its fiscal 2013 outlook for non-GAAP diluted EPS from continuing operations to a range between $3.67 and $3.71. The revised range includes the $0.18 tax settlement previously mentioned.
Cardinal Health also announced that its board of directors approved a 10% increase in the company's quarterly dividend to $0.3025 per share, or $1.21 per share on an annualized basis. The quarterly dividend is payable on July 15 to shareholders of record at close of business on July 1.
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