McKesson Reports Higher 2Q Revenue
October 30 2019 - 7:47AM
Dow Jones News
By Patrick Thomas
McKesson Corp. (MCK) said it swung to a loss for its second
quarter, but revenue rose about 9% from a year earlier, beating
Wall Street estimates.
The Irving, Texas-based pharmaceutical supplier reported a loss
of $730 million, or $3.99 a share, compared with a profit of $499
million, or $2.51 a share, a year ago.
The company said its results included roughly $1.4 billion in
charges related to an impairment related to the company's exit of
its investment in Change Healthcare.
Excluding one-time items, adjusted earnings were $3.60. Analysts
polled by FactSet were expecting earnings of $3.03 a share, or
$3.60 a share on an adjusted basis.
Revenue rose to $57.62 billion from $53.08 billion a year
earlier. Analysts had expected $55.08 billion of revenue in the
quarter. The company said its results were driven by growth in its
U.S. pharmaceutical and specialty solutions unit, due to branded
pharmaceutical price increases and higher volumes from a retail
national account customer.
Write to Patrick Thomas at patrick.thomas@wsj.com
(END) Dow Jones Newswires
October 30, 2019 07:32 ET (11:32 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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