(Reuters) ? Drug wholesaler AmerisourceBergen Corp (ABC.N) reported higher-than-expected fiscal fourth-quarter earnings on Tuesday, driven by strong sales in its generic and specialty drug businesses.
Net earnings rose 4.3 percent to $147.3 million, or 54 cents a share, compared with the year-ago quarter. Revenue rose 3.5 percent to $20.4 billion.
Excluding one-time items, the company earned 61 cents a share. Analysts on average had expected earnings of 56 cents a share, according to Thomson Reuters I/B/E/S.
"Adjusting for a more normalized tax rate, AmerisourceBergen's adjusted EPS came in at 59 cents, still ahead of our and consensus estimates by 3 cents," said A.J. Rice, an analyst at Susquehanna Financial Group, in a research note.
AmerisourceBergen expects earnings per share for fiscal 2012 to be in the range of $2.74 to $2.84 a share.
"Previously, AmerisourceBergen had suggested a $2.70 to $2.82 range," said Tom Gallucci, an analyst at Lazard Capital Markets. "The increase is due primarily to buyback activity in recent months."
Analysts expect full-year earnings of $2.81 a share.
The Valley Forge, Pennsylvania-based company said it anticipates flat to modest revenue growth in fiscal 2012.
"Outstanding performance in the two key growth drivers for our business - generic pharmaceuticals and specialty distribution and services, continues to drive gross margin expansion," said Steven Collis, the company's chief executive officer, in a statement.
In September, the company agreed to buy TheraCom LLC, a unit of CVS Caremark Corp (CVS.N) for $250 million to expand its consulting services.
The company's shares fell 1.7 percent to $40.11 a share on the New York Stock Exchange in early trading, slightly less than a decline of 2.2 percent in the Dow Jones Industrial Average. (.DJI)
(Reporting by Toni Clarke in Boston; Editing by Maureen Bavdek, Dave Zimmerman)
kim delaney kim delaney dead sea scrolls new jersey nets all my children online all my children online sly and the family stone
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.