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Shares of Cardinal Health Inc.
CAH, + 1.29%
2.9% in premarket trade Thursday after the healthcare services company reported fiscal first-quarter profit and revenue that rose above expectations, boosted by strength in its pharmaceuticals business. Net income rose to $ 593 million, or $ 1.94 a share, from $ 115 million, or 36 cents a share, in the same period a year ago, with the naviHealth divestiture resulting in a gain of $ 503 million. Excluding non-recurring items, adjusted to $ 1.29, above the FactSet consensus of $ 1.08. Revenue increased 8% to $ 35.2 billion, beating the FactSet consensus of $ 33.7 billion. Pharmaceutical segment revenue grew 9% to $ 31.4 billion, well above the consensus FactSet of $ 29.8 billion. The company affirmed its 2019 EPS outlook of $ 4.90 to $ 5.15, which surrounds the FactSet consensus of $ 4.99. The stock has rallied 9.6% over the past three months through Wednesday, while the SPDR Health Care Select Sector ETF
XLV + 0.02%
has gained 3.4% and the S & P 500
SPX, -0.29%
has slipped 1.5%.
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