McKesson's Revenue Misses Expectations, Adjusted Earnings Beat
February 04 2020 - 8:06AM
Dow Jones News
By Allison Prang
McKesson Corp.'s (MCK) third-quarter profit fell, impacted by
higher operating expenses.
The company on Tuesday reported earnings of $186 million, down
60% from a year prior. Earnings were $1.03 a share, down from $2.40
a share in the same period last year.
Adjusted earnings from continuing operations were $3.81 a share,
up from $3.40 a share. According to FactSet, analysts were
expecting $3.50 a share.
Revenue was $59.17 billion, up over 5%. Analysts were expecting
$59.4 billion.
Total operating costs were $2.67 billion, up 17% from a year
earlier. Operating expenses and restructuring, impairment and
related charges increased.
The company said its earnings from continuing operations were
hurt by a $282 million charge in its European Pharmaceutical
Solutions division associated with the company's creating a joint
venture with Walgreens Boots Alliance Inc. The company also
reported restructuring, impairment and related charges before tax
for its business in Europe and Canada, McKesson said. Those costs
were also for corporate.
McKesson said it affirmed its adjusted earnings outlook for the
year.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
February 04, 2020 07:51 ET (12:51 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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