Cardinal Health, a healthcare-products distributor based in Dublin, Ohio, has announced that its revenue for the fiscal fourth quarter surpassed estimates, mainly driven by growth in its pharmaceutical segment.
Strong Financial Performance
In the fourth quarter, Cardinal Health recorded a loss of $66 million, or 25 cents per share, compared to a profit of $138 million, or 50 cents per share, in the same period last year. Analysts surveyed by FactSet had anticipated earnings per share of $1.22.
Adjusting for certain one-time items, the company achieved adjusted earnings per share of $1.55, outperforming the forecast of $1.49 by analysts.
Impressive Revenue Growth
Cardinal Health’s revenue also saw a robust increase of 13% to reach $53.45 billion, surpassing the $52.72 billion estimated by analysts surveyed by FactSet.
The company attributed its higher operating income to a $368 million goodwill impairment charge. However, it suffered a loss due to a provision for income taxes, as opposed to the benefit it received in the previous year’s quarter.
Positive Outlook for 2024
As a result of its strong financial performance and increased expectations in the pharmaceutical segment, Cardinal Health has raised its full-year 2024 outlook.