Pharmaceuticals distributor Cardinal Health (NYSE: CAH) announced financial results for the fourth quarter of 2023, reporting higher revenues and adjusted profit.
- Revenues increased 13% year-over-year to $53.5 billion in the final three months of fiscal 2023
- Fourth-quarter operating earnings came in at $137 million, sharply higher than the $36 million reported a year earlier
- The company reported a net loss of $64 million or $0.25 per share for Q4, compared to a profit of $138 million or $0.50 per share last year
- On an adjusted basis, it was a profit of $1.55 per share, compared to $1.05 per share in the same quarter of 2022
- The Pharmaceutical segment profit increased 12% to $504 million and Medical segment profit rose to $82 million
- The company generated both operating cash flow and adjusted free cash flow of $2.8 billion in Q4
- The management raised its fiscal 2024 adjusted EPS guidance to the range of $6.50 to $6.75, from $6.45-$6.70
