Cardinal Health Q3 Results Top Estimates, Reaffirms FY20 Outlook - Quick Facts

(RTTNews) - Healthcare company Cardinal Health (CAH) reported that its net earnings attributable to the company for the third quarter grew to $350 million or $1.19 per share from $296 million or $0.99 per share in the prior year.

Adjusted earnings per share for the quarter were $1.62, compared to $1.59 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.43 per share. Analysts' estimates typically exclude special items.

Revenues for the quarter were $39.2 billion, an increase of 11 percent from the prior year. Analysts expected revenues of $36.95 billion for the quarter.

Looking ahead to fiscal 2020, the company continues to projects adjusted earnings in a range of $5.20 to $5.40 per share. The Street is currently looking for annual earnings of $5.19 per share.

While both segments experienced a modest net positive impact in the third quarter from increased volume related to the COVID-19 pandemic, the company said it expects a significant net negative impact to fourth quarter financial results in both segments. This is driven most meaningfully by a decrease in volume related to the cancellation or deferral of elective medical procedures.