UPDATE: Cardinal Health Posts Upbeat FQ4 Results

Cardinal Health

reported stronger-than-expected fiscal fourth-quarter results. The Dublin, Ohio-based company posted quarterly earnings from continuing operations of $234 million, or $0.68 per share, versus a year-ago loss of $586 million, or $1.72 per share. The year-ago results included a goodwill impairment charge associated with its nuclear division. Its adjusted EPS rose 5% to $0.83 per share. Its sales dropped 10% to $22.9 billion. However, analysts were expecting earnings of $0.81 per share on revenue of $22.0 billion. Revenue for the Pharmaceutical segment slipped 12% to $20.1 billion, while revenue for the Medical segment rose 4% to $2.8 billion. George Barrett, chairman and chief executive officer of Cardinal Health said, "We made significant progress on our strategic priorities: launching the largest generic purchasing entity in the U.S. through our joint venture with CVS Caremark, expanding our position and capabilities in specialty, substantially increasing our line of consumable medical products, taking significant steps to enhance our program on physician preference items in both cardiovascular and orthopedics, enlarging our footprint in the home, and showing continued strong growth in China." For 2015, Cardinal Health now projects adjusted earnings of $4.10 to $4.30 per share, versus analysts' estimates of $4.25 per share. Cardinal Health shares rose 1% to close at $72.37 on Friday.