Cardinal Health posts 16% revenue growth in Q3
Cardinal Health on Thursday reported third-quarter fiscal year 2019 revenues of $35.2 billion, an increase of 5% from the same period last year. The Dublin, Ohio-based company posted $296 million in net earnings, a year-over-year increase of 16%.
For the quarter, the company’s GAAP diluted earnings per share increased 22% to 99 cents following a quarter of growth in its pharmaceutical segment.
“We are pleased that Cardinal Health again delivered overall operating results that were consistent with
our expectations for the quarter. Solid progress on our strategic initiatives, the recent renewal of our largest customer and our ability to navigate evolving market dynamics give us confidence over the long term,” CEO Mike Kaufmann said.
Third-quarter revenue for the pharmaceutical segment was $31.4 billion, which, despite being 6% greater than revenue in the same quarter last year, was accompanied by a 10% drop in profit for the segment. Cardinal Health attributed the segment’s profit decrease due to the negative impact from the company’s generics program performance. The company’s specialty solutions business offset these factors, it said.
Third-quarter revenue for the medical segment decreased 1% to $ 3.9 billion. Medical segment profit decreased 22% to $155 million, driven by the divestitures of the China distribution and naviHealth businesses. The company’s growth from existing customers offset these factors, it said.
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