Cardinal Health Reports First Quarter Results
- Revenue up 6 percent to $24.8 billion
- One-time spinoff-related costs result in first-quarter loss from continuing operations of $62 million or $0.17 per share
- Non-GAAP diluted earnings per share from continuing operations increase 15 percent to $0.54
DUBLIN, Ohio, Nov. 5 /PRNewswire-FirstCall/ -- Cardinal Health today reported fiscal 2010 first-quarter revenue increased 6 percent to $24.8 billion and non-GAAP diluted earnings per share from continuing operations(1) increased 15 percent to $0.54.


The net after-tax dilutive impact from restructuring, impairments and other costs associated with the spinoff of CareFusion Corp. totaled $0.71 per share. These items resulted in a GAAP loss from continuing operations of $62 million for the quarter, or $0.17 per share. Notable one-time items include a $172 million tax charge related to the portion of non-U.S. earnings that will no longer be indefinitely invested offshore due to the company's reduced international footprint following the spinoff and a $26 million after-tax loss associated with the early retirement of more than $1.1 billion of long-term debt.


The quarter was highlighted by 17 percent profit growth from the company's Medical segment, a lower-than-anticipated segment profit decline of 2 percent from its Pharmaceutical segment and disciplined expense management across the company. First-quarter non-GAAP results also benefited from an expected lower tax rate versus the prior-year period.


"We're off to a solid start to fiscal 2010, with our core businesses performing well and our key initiatives on track to deliver long-term value," said George Barrett, chairman and chief executive officer of Cardinal Health. "Our first-quarter operating numbers were enhanced by an accelerated revenue recognition item in our Medical segment related to the spinoff and some earlier-than-expected brand price inflation in the Pharmaceutical segment. Based on the data available to us at this stage of the year, we expect that our full-year performance will likely be toward the higher end of our guidance of $1.90 to $2.00 for non-GAAP diluted EPS from continuing operations."



Q1 FY10 SUMMARY

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