Cardinal Health increases guidance following strong Q1
DUBLIN, Ohio – Cardinal Health on Monday reported fiscal year 2016 first-quarter results, with revenue of $28.1 billion, an increase of 17%.
"We are off to a very strong start to our fiscal 2016," stated George Barrett, chairman and CEO Cardinal Health. "We reported outstanding progress on both the top and bottom lines, reflecting strong execution and alignment with the needs of our customers in an evolving market," he said. "Our Pharmaceutical segment continued its momentum into the first quarter, and the Medical segment strengthened its position in strategically critical areas. Subsequent to the quarter end, we closed the Cordis acquisition. Our team did an outstanding job meeting our expected timeline for closing, positioning us to strengthen our offerings in the interventional cardiovascular space and reinforce our physician preference product strategy."
First-quarter revenue for the Pharmaceutical segment increased 19% to $25.1 billion due to growth from existing and new customers and, to a lesser extent, contributions from acquisitions. Segment profit for the quarter increased 46% to $657 million due to strong performance under the company's generics program, net growth from existing and new customers and contribution from acquisitions.
Cardinal Health raised its fiscal 2016 non-GAAP diluted EPS guidance range to $5.15 to $5.35 from a prior range of $4.85 to $5.05. This new range represents an 18% to 22% growth rate compared to fiscal 2015."
Cardinal Health also completed its acquisition of Cordis, a leader in cardiology and endovascular devices, in the previous quarter, and acquired The Harvard Drug Group, a distributor of generic pharmaceuticals, over-the-counter medications and related products to retail, institutional and alternate care customers. In addition, Cardinal Health launched its Hospital Quality at Home brand, a new line of hospital-quality products available in the retail setting to help caregivers of patients who are transitioning care from the hospital to home.
CVS Health expands Registered Apprenticeship program
WOONSOCKET, R.I. — As part of CVS Health's commitment to workforce and community development, the company is expanding its Registered Apprenticeship program to several new markets, as well as new fields and concentrations. Registered Apprenticeships provide participants with structured training to maintain the high level of skill needed in complex fields, such as pharmacy care, and equips participants with a nationally recognized portable credential that will help them advance their career.
"At CVS Health, we know the value of investing in the communities we serve, particularly in workforce development," said David Casey, VP workforce strategies and chief diversity officer. "Through programs such as Registered Apprenticeships, we are not only helping to equip community members and potential job candidates with the tools they need to succeed in their careers, we are also ensuring that our company has a strong pipeline of talented colleagues."
CVS Health was the first employer to launch a U.S. Department of Labor Registered Apprenticeship program for pharmacy technicians in 2005. Since then, CVS Health has placed more than 1,500 colleagues in Registered Apprenticeship career tracks in retail pharmacy and management and has committed to doubling that number over the next five years.
"National Apprenticeship Week provides business, education, and community leaders as well as students and workers with the unique chance to elevate and expand the conversation around the positive impact of apprenticeships in America," said U.S. Secretary of Labor Thomas Perez. "For decades, the skilled trades have led the way in developing and refining American apprenticeships. Today, forward thinking companies like CVS Health are using that same 'earn while you learn' foundation and applying it in never before seen ways to expand opportunities for working people in America."
To deliver on the company's commitment to double its number of apprentices, CVS Health has developed partnerships with several organizations across the country, including the Arkansas Department of Workforce Services, Houston Community College, the Milwaukee Area Workforce Investment Board and State of Wisconsin Bureau of Apprenticeship Standards as well as the Rhode Island Department of Labor and Training, to create new Registered Apprenticeship programs and expand existing programs.
With the assistance of U.S. Department of Labor American Apprenticeship Grants, CVS Health and its partners will be increasing existing Registered Apprenticeship opportunities for pharmacy technicians in Michigan; expanding Registered Apprenticeship opportunities for pharmacy technicians to Arkansas, Missouri, Rhode Island, Texas and Wisconsin; expanding Registered Apprenticeship opportunities for retail store managers in Rhode Island; developing new Registered Apprenticeship programs for pharmacy technicians in specialty pharmacy services in Michigan and Wisconsin; and developing a new Registered Apprenticeship program for pharmacy technicians in the company's CVS/caremark Call Center in Dallas.
As CVS Health continues to develop and expand its Registered Apprenticeship program, the company will explore how it can offer apprenticeship opportunities in additional fields, including logistics and digital as well.
"Meaningful work and a defined career track can provide a source of dignity, pride and identity," added Casey. "We're proud to be able to offer participants both through Registered Apprenticeship."
Publix sales up but stock price takes hit
LAKELAND, Fla. – Publix sales for the third quarter of 2015 totaled $7.8 billion, representing a 6.3% increase from last year. Comparable-store sales for the third quarter of 2015 increased 4.2%.
Net earnings for the third quarter of 2015 were $412.3 million, compared to $384.2 million in 2014, an increase of 7.3%. Earnings per share for the third quarter increased to $0.53 for 2015, up from $0.49 per share in 2014.
Publix sales for the first nine months of 2015 were $24.1 billion, a 6.4% increase. Comparable-store sales for the first nine months of 2015 increased 4.5%.
Effective Nov. 1, 2015, Publix’ stock price decreased from $42 per share to $41.80 per share. Publix stock is not publicly traded and is made available for sale only to current Publix associates and members of its board of directors.
“I’m proud of our associates for delivering strong results,” said Publix CEO Ed Crenshaw. “Unfortunately, the challenges in the stock market continue to impact our stock price.”
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