Cardinal Health posts 1Q loss on spinoff expenses

Drug distributor Cardinal Health Inc. said Thursday it took a loss in its fiscal first quarter due to expenses from the spinoff of a former business, medical technology company CareFusion Corp.

For the three months ended Sept. 30, Cardinal Health said it lost $38.2 million, or 11 cents per share. That included 71 cents per share in restructuring charges, impairments, and other items connected to the CareFusion spinoff. Leaving those out, Cardinal Health said it earned 54 cents per share.

Analysts expected 43 cents per share, according to Thomson Reuters.

Cardinal Health posted a profit of $249.1 million, or 69 cents per share, a year earlier.

Its revenue rose 6 percent in the most recent quarter, to $24.78 billion from $23.44 billion. Analysts were looking for $24.04 billion.

The company said revenue from its pharmaceutical business rose 5 percent, to $22.6 billion. Sales to bulk customers rose 6 percent to $11.3 billion, and sales to non-bulk customers picked up 5 percent to $11.2 billion.

Medical business revenue rose 10 percent to $2.2 billion.

Cardinal Health said it expects its fiscal year profit to be at the high end of its previously forecast range of $1.90 to $2.20 per share. On average, analysts expect $1.95 per share.

The company's stock rose 57 cents, or 2 percent, to $29.70 in afternoon trading.