AmerisourceBergen Lifts FY17 Earnings View Above Market As Q1 EPS Tops Estimates

(RTTNews) - AmerisourceBergen Corp. (ABC), a pharmaceutical sourcing and distribution services company, on Tuesday lifted its earnings forecast for fiscal 2017 to reflect its first-quarter performance, as well as the company's assessment of the current market and sector landscape.

Adjusted earnings per share is now expected in a range of $5.72 to $5.92, compared to previous expectation of $5.63 to $5.88. The new forecast reflects a growth of 2 percent to 5 percent versus last fiscal year.

On average, 19 analysts polled by Thomson Reuters expect earnings of $5.75 per share. Analysts' estimates typically exclude special items.

AmerisourceBergen continues to expect revenues to be in the range of 6.5 percent to 8 percent growth over last fiscal year.

In its first quarter, AmerisourceBergen's net income fell 25 percent to $247.25 million or $1.11 per share. Adjusted earnings per share increased 7.1 percent to $1.36.

Revenue grew 4 percent from last year to $38.17 billion.

Analysts expected earnings of $1.23 per share on revenues of $38.97 billion for the quarter.