Cerner Posts Lower Q2 Profit, But Beat Estimates

(RTTNews) - Cerner Corporation (CERN) on Friday posted net earnings of $32.71 million or $0.11 per share in the second quarter, lower than $134.75 million or $0.44 per share in the same quarter a year ago, particularly on higher restructuring expenses. Excluding charges, adjusted earnings surpassed the Street expectations.

The company had organizational restructuring and other expense of $178.87 million in this quarter, which was $45.95 million last year.

Excluding items, earnings were $0.80 per share compared with $0.63 per share a year ago. On average, 18 analysts polled by Thomson Reuters expected the company to reported earnings of $0.76 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter rose to $1.457 billion from $1.33 billion last year. The consensus estimate was for $1.44 billion.

Looking forward to the third quarter, the company expects revenue to grow nearly 6% and adjusted EPS to grow 12% to 15% over the third quarter of 2020. The consensus estimate for revenue growth stands at 7.5%.

For the full-year, the company sees adjusted EPS to be about $3.25, compared to the prior outlook of more than $3.20. analysts expect the company to report earnings of $3.22 per share for the period.