Cardinal Health logs fiscal Q1 sales miss, earnings beat, announces CEO succession

Cardinal Health (NYSE:CAH) today saw its fiscal first-quarter profits plunge on sales growth of nearly 2% and announced its plans for a CEO succession Dublin, Ohio-based Cardinal posted profits of $115 million, or 36¢ per share, on sales of $32.64 million for the three months ended Sept. 30, for a bottom-line decrease of -62.8% on sales growth of 1.9% compared with fiscal Q1 2017. Adjusted to exclude one-time items, earnings per share were $1.09, 9¢ ahead of the consensus forecast on Wall Street, where analysts were looking for sales of $33.48 billion. “Fiscal year 2018 started largely as we expected and included strong performance from many of our business lines across the segments. With one quarter behind us, we remain comfortable with our full-year guidance. We’re excited to have closed the patient recovery transaction during Q1 and are pleased to report the integration is going well,” chairman & CEO George Barrett said in prepared remarks. “I’d also like to thank our extraordinary colleagues who showed their commitment to serving both their communities and our customers in the midst of multiple recent natural disasters.” Cardinal Health said it still expects to post adjusted EPS of $4.85 to $5.10 for fiscal 2018. In a separate release, the company said Barrett is slated to leave the corner office Jan. 1, 2018, to be replaced by CFO Mike Kaufmann; Barrett is due to stay on as chairman until Cardinal’s annual shareholders ...
Source: Mass Device - Category: Medical Devices Authors: Tags: MassDevice Earnings Roundup Wall Street Beat Cardinal Health personnel-moves Source Type: news