AmerisourceBergen Tops Q2 Estimates, Raises FY15 Outlook

Shares of AmerisourceBergen Corp. ABC jumped over 3 percent in pre-market trading after the company reported upbeat results for the second quarter and raised its outlook for the full year. For fiscal 2015, AmerisourceBergen now expects earnings of $4.85 to $4.95 per share on revenue to rise 12 percent to 13 percent. The company had earlier expected earnings of $4.45 to $4.55 per share on revenue growth of 10 percent to 11 percent. The Chesterbrook, Pennsylvania-based company reported a quarterly loss of $513.4 million, or $2.33 per share, versus a year-ago profit of $180.1 million, or $0.76 per share. Excluding items, the company's earnings surged to $1.45 per share from $1.06 per share. Its revenue climbed to $32.7 billion. However, analysts were expecting earnings of $1.19 per share on revenue of $32.25 billion. The average estimate among 5 Estimize users was for earnings of $1.19 per share and revenue of $32.21 billion. The company's pharmaceutical distribution revenue gained 14 percent to $31.8 billion in the quarter, while nonpharmaceutical sales gained 72 percent to $986.1 million. Gross profit in the quarter climbed 25.3 percent to $1.0 billion. Operating expenses increased 17.8 percent to $488.9 million. The company's board also authorized a new $1 billion share repurchase program. "We have had excellent results in the first half of fiscal 2015, with tremendous financial performance and important progress made against our strategic objectives," said Steven H. Collis, AmerisourceBergen President and Chief Executive Officer. AmerisourceBergen shares rose 3.61 percent to $116.50 in pre-market trading.