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AmerisourceBergen Stock Dives After Q2 Earnings Fall Short Of Expectations

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AmerisourceBergen Stock Dives After Q2 Earnings Fall Short Of Expectations
  • AmerisourceBergen Corporation (NYSE: ABC) shares dropped after the company's Q2 for fiscal 2021 failed to meet the consensus estimates. It reported an adjusted EPS of $2.53 topped the analyst consensus estimate of $2.48.
  • But the quarterly sales of $49.2 billion missed the analyst consensus estimate of $49.85 billion.
  • Sales increased 3.8% Y/Y, but at a slower pace when compared to around 9.7% recorded in Q1 FY21.
  • Pharmaceutical distribution services revenue grew 3.4% to $47.1 billion, as specialty product sales, including COVID-19 treatments.
  • The cost of goods sold rose 3.5% to $47.62 billion.
  • Adjusted operating income increased 5.2% to $706.6 million. In 1Q21, the increase was 24.6% to $616.9 million.
  • However, the company has raised the lower end of the fiscal 2021 guidance for adjusted EPS at $8.45 – 8.60, up from the previous projection of $8.40 – 8.60 per share, while the consensus EPS stands at $8.56.
  • Price Action: ABC shares are down 7.2% at $116.87 during market trading hours on the last check Wednesday.
 

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Posted-In: BriefsEarnings News Guidance Health Care General

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