Premier Q4 Net Profit Declines

(RTTNews) - Healthcare company Premier, Inc. (PINC) reported Monday that net income for the fourth quarter declined to $30.7 million or $0.25 per share from $50.7 million or $0.40 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter were $0.61 per share, compared to $0.60 per share in the year-ago quarter.

Net revenue for the quarter decreased 29 percent to $340.71 million from $481.52 million in the same quarter last year.

On average, 11 analysts polled by Thomson Reuters expected the company to report revenues of $333.43 million for the quarter.

Looking ahead to fiscal 2023, the company now projects adjusted earnings in the range of $2.63 to $2.75 per share on total net revenue between $1.38 billion and $1.45 billion. The Street is currently looking for revenues of $1.43 billion for the year.

Earlier in the month, Premier's Board of Directors increased the company's quarterly cash dividend to $0.21 per share, which is payable on September 15, 2022, to stockholders of record as of September 1, 2022.