AmerisourceBergen Q1 Earnings Rise; Ups Annual Earnings Guidance

(RTTNews) - AmerisourceBergen Corporation (ABC) Thursday reported higher earnings in the first quarter helped by increased revenue primarily due to the acquisition of Alliance Healthcare. The company also raised its full-year adjusted earnings outlook.

Net income was $449.1 million or $2.13 per share in the first quarter, higher than $374.8 million or $1.81 per share in the same quarter a year ago.

Excluding one-time items, earnings were $2.58 per share. On average, twelve analysts polled by Thomson Reuters expected the company to report earnings of $2.57 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter increased 13.5 percent year-over-year to $59.629 billion. The consensus estimate was for $59.46 billion.

Looking forward, AmerisourceBergen has raised its full-year adjusted earnings outlook to the range of $10.60 - $10.90 from $10.50 - $10.80. The consensus estimate stands at $10.69 per share.

Further, the company' Board declared a quarterly dividend of $0.46 per share, payable February 28, to stockholders of record at the close of business on February 14.