AmerisourceBergen Sees 2016 Adj. EPS Above View

(RTTNews) - AmerisourceBergen Corp. (ABC) said that it continues to expect gross profit in the fourth quarter to be negatively impacted by the headwinds it identified in early May, but with the performance it achieved in the June quarter, it now expects fiscal year 2016 adjusted earnings per share to be in the range of $5.52 to $5.57. Analysts polled by Thomson Reuters expect the company to report earnings of $5.50 per share for fiscal year 2016. Analysts' estimates typically exclude special items.

In May, the company said it expected fiscal year 2016 adjusted earnings per share to be in the range of $5.44 to $5.54

The company today said it continues to expect revenue growth of approximately 8 percent; operating income growth in the range of 5 percent to 6 percent for fiscal year 2016.

In addition, it now expects total share repurchases under our regular programs of approximately $350 million, as well as special share repurchases to satisfy previously disclosed hedging programs, all subject to market conditions.

The company also continues to expect that the headwinds that are impacting our fiscal 2016 will continue well into fiscal 2017, including a rate of deflation on generic products in the high single digit range.

Adjusted earnings per share in fiscal year 2017 is expected to grow in the range of 4 percent to 6 percent above the midpoint of its updated fiscal 2016 guidance.

The company anticipates Revenue growth slightly better than the overall market for fiscal year 2017.