The Dublin,Ohio-based healthcare giant reported profits of $593 million, or $1.94 per share, on sales of $35.21 billion for the three months ended Sept. 30, for a whopping bottom-line gain of 415.7% on sales growth of 7.9% compared with fiscal Q1 2018.
Adjusted to exclude one-time items, earnings per share were $1.29, 21¢ ahead of the consensus on Wall Street, where analysts were looking for sales of $33.70 billion.
“We are pleased that the first quarter provided a solid start to fiscal year 2019,” CEO Mike Kaufmann said in prepared remarks. “Operating performance came in as expected and we are on track in executing on our strategic initiatives to deliver increased value to our shareholders, our customers and their patients. We look forward to making further strides over the balance of the year and building on Cardinal Health’s essential role in healthcare.”
Cardinal Health said it still expects to log adjusted EPS of $4.90 to $5.15 for fiscal 2019.
Sales & profits also up for medical segment
First-quarter profits for Cardinal Health’s medical business rose 4.7% to $135 million on sales growth of 2.7$ to $3.80 billion. The company cited a beneficial year-on-year comparison on the fair-value step-up of inventory acquired when it paid $6 billion for Medtronic’s patient recovery business.
CAH shares, which closed up 2.1% at $53.65 per share yesterday, gained 2.5% in pre-market activity today, rising to $55 even apiece.