Cardinal Health 1Q Profit Surges on Growth in Pharmaceuticals Business

   By Kimberly Chin

Cardinal Health Inc. (CAH) posted Thursday a more than fivefold surge in first-quarter profit, led by growth in its pharmaceuticals business despite generic drug competition pressures.

The Dublin, Ohio, company said profit was $593 million, or $1.94 a share, up from $115 million, or 36 cents a share, from a year earlier. Analysts were expecting the company to earn 69 cents a share, according to a Refinitiv poll.

On an adjusted basis, the company made $1.29 a share. Analysts expected $1.08 a share.

Sales increased 8% to $35.2 billion from the year prior, above the $33.65 billion estimated from analysts polled by Refinitiv. Sales from its pharmaceuticals segment rose 9%, while sales in its medical segment increased 2%.

The company reaffirmed its expectations of adjusted earnings of $4.90 to $5.15 a share for the year.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

November 08, 2018 07:59 ET (12:59 GMT)

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