AmerisourceBergen Under Pressure Despite Better Than Expected Q4 Earnings

(RTTNews) - Shares of AmerisourceBergen Corp. (ABC) have moved significantly lower during trading on Tuesday, tumbling by 7.3 percent. With the drop AmerisourceBergen has fallen to its lowest intraday level in three months.

The steep drop by AmerisourceBergen comes even though the prescription drug distributor reported fiscal fourth quarter earnings that came in a penny above analyst estimates.

AmerisourceBergen reported fourth quarter adjusted earnings of $1.45 per share compared to analyst estimates for $1.44 per share, although its revenues of $43.3 billion came in slightly below expectations for $43.5 billion.

The company also announced its board has authorized a new $1.0 billion share repurchase program and a 5 percent increase in its dividend.