McKesson Profit Tops Estimates; Lifts FY Guidance

(RTTNews) - McKesson Corp (MCK) on Wednesday reported first-quarter net earnings of $576 million or $2.45 per share compared with $403 million or $1.72 per share last year.

Excluding items, adjusted earnings for the quarter were $3.14 per share compared with $2.47 per share a year ago.

Revenues for the quarter were up 9 percent at $47.5 billion compared with $43.5 billion billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $2.91 per share on revenues of $45.93 billion for the quarter. Analysts' estimates typically exclude special items.

For the full year 2016, the company now expects earnings of $12.36 to $12.86 per share, up from prior guidance of $12.20 to $12.70 per share. Analysts expect earnings of $12.59 per share.

The company said the increased guidance reflects the gain on the sale of its nurse triage business.

McKesson has declared a regular dividend of twenty-eight cents per common share, representing an increase of four cents, or 17 percent, from the prior quarter.

McKesson delivers pharmaceuticals, medical supplies, and health care information technologies to the healthcare industry.