McKesson Profit Falls

(RTTNews) - McKesson Profit Falls

Drug distributor McKesson Corp (MCK) on Tuesday reported fourth-quarter net earnings of $132 million or $0.56 per share, compared with $370 million or $1.58 per share last year.

Excluding items, adjusted earnings for the quarter were $2.94 per share, compared with $2.71 per share a year ago.

On average, 17 analysts polled by Thomson Reuters estimated earnings of $2.75 per share for the quarter. Analysts' estimates typically exclude special items.

The company's revenues for the quarter increased 19 percent to $44.92 billion from $37.83 billion in the prior year.

Fourteen analysts had a consensus revenue estimate of $45.04 billion for the quarter.

For the full year 2016, the company expects adjusted earnings of $12.20 to $12.70 per share, while analysts expect $12.57 per share.

McKesson said its board has issued a new authorization for the repurchase of up to $500 million of its common stock.