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AmerisourceBergen sees ‘strong performance’ for Q3

BY Ryan Chavis

VALLEY FORGE, Pa. — AmerisourceBergen on Thursday reported increased revenue of $30.3 billion for third-quarter 2014 ended June 30, a 39% increase. Adjusted diluted earnings per share from continuing operations increased 29.5% percent to $1.01.

“We delivered very strong performance in our June quarter, driven by the onboarding of substantial new business, and excellent operational and financial results,” said Steven H. Collis, AmerisourceBergen president and CEO. “In addition, we made important progress with our strategic objectives, and continued to make significant long-term investments in our business. We finalized our agreement to acquire a minority stake in Profarma Distribuidora de Produtos Farmacêuticos S.A., and launched the specialty joint venture in Brazil. We generated substantial free cash flow, continued to take steps to improve our balance sheet, and positioned ourselves well to meet or exceed our financial objectives for the full fiscal year.”

The company also reported that:

  • Gross profit was $822.7 million, a 21.2% increase over the same period the previous year;
  • Operating expenses were $429.2 million, up 17.2% over the same period last year;
  • Operating income totalled $393.5, up 26% from the prior year;
  • An effective tax rate of 38%, which the company said is slightly higher than the previous year; and
  • Shares outstanding were 230.7 million, which is a decrease of 2.1% from the previous year.

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Schiro resigns from PepsiCo’s board

BY Ryan Chavis

PURCHASE, N.Y. — PepsiCo on Thursday announced that James Schiro has resigned from the company's board of directors for health reasons, effective immediately.

"Jim's contributions to PepsiCo have been simply immeasurable," said PepsiCo chairman and CEO Indra K. Nooyi. "Jim is, without question, one of the finest business leaders I have ever known. He is a strategic thinker whose mastery of the global business landscape, strong leadership qualities, and long track record of creating shareholder value have made him an incredible asset to the PepsiCo Board of Directors for more than a decade. His business acumen is second to none, but so is his generosity of spirit, and he will be greatly missed on both counts. I will be forever thankful for Jim's years of dedicated service to our company, and we will keep Jim in our constant thoughts as he tends to his health with the support of his family and friends."

Schiro is the former CEO of both Zurich Financial Services and PricewaterhouseCoopers. He was elected to PepsiCo's board of directors in 2003 and served as the company's presiding director from May 2010 to May 2013. Most recently, Schiro served on PepsiCo's nominating and corporate governance committee and its compensation committee.

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WSJ: Layoffs on the horizon at Allergan

BY Ryan Chavis

IRVINE, Calif. — In an effort to show investors that its able to deliver strong earnings growth, drug maker Allergan will be laying off workers and discontinuing some of its drug research, according to the Wall Street Journal. The layoffs will affect 13% of the company's workforce.

The cuts are reminiscent of actions that Valeant CEO Michael Pearson proposed in the event that Valeant and Allergan were to merge. Pearson said back in April that nearly 20% of the new company's 28,000 employees would be layed off if the companies merged.

According to the report, Allergan CEO David Pyott said he had more than 50 meetings with investors that convinced him that the cuts were needed. The company said its restructuring would save $475 million next year and would improve earnings above analysts'expectations in 2015 and 2016.

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