Cardinal Health Q3 Profit Beats Estimates; Raises FY23 Non-GAAP EPS Guidance By $0.35 At Midpoint

(RTTNews) - Cardinal Health (CAH) reported third-quarter net profit attributable to company of $345 million or $1.34 per share compared to a loss of $1.39 billion or $5.05 per share, previous year. Non-GAAP operating earnings increased 11% to $606 million due to a significant increase in Pharmaceutical segment profit, partially offset by a decline in Medical segment profit. Non-GAAP EPS increased 20% to $1.74. On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $1.49, for the quarter. Analysts' estimates typically exclude special items.

Revenues were $50.5 billion, an increase of 13% from a year ago. Analysts on average had estimated $49.71 billion in revenue.

Cardinal Health raised and narrowed its fiscal 2023 guidance range for non-GAAP earnings per share attributable to company to $5.60 to $5.80, from $5.20 to $5.50.

Shares of Cardinal Health are up 2% in pre-market trade on Thursday.

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