Earnings
AmerisourceBergen Raises Fiscal 2009 Profit Goal
The Associated Press
04/23/09 - 08:28 AM EDT
VALLEY FORGE, Pa. (AP) — Drug distributor AmerisourceBergen Corp. on Thursday raised its profit-per-share forecast for the fiscal year.
The company said its profit will be greater than expected because of its stock buyback program, which reduces the number of shares on the market, and decreased interest expense.
AmerisourceBergen called for a profit of $3.18 to $3.30 per share, up from $3.08 to $3.25 per share.
Analysts expect $3.19 per share and $71.39 billion for the year ending Sept. 30, according to Thomson Reuters.
Also on Thursday, AmerisourceBergen said its fiscal second-quarter profit grew 7 percent as sales of generic and specialty drugs improved. The lower share count aided its results, but revenue fell short of analyst estimates.