McKesson Corporation (NYSE: MCK) today reported that revenues for the fourth quarter ended March 31, 2012 were $31.7 billion, up 10% compared to $28.9 billion a year ago. On the basis of U.S. generally accepted accounting principles (“GAAP”), fourth-quarter earnings per diluted share was $2.09 compared to $1.62 a year ago.
For the fiscal year, McKesson had revenues of $122.7 billion compared to $112.1 billion a year ago. Full-year GAAP earnings per diluted share from continuing operations was $5.59 compared to $4.29 in the prior year.
McKesson separately reports financial results on the basis of Adjusted Earnings. Adjusted Earnings is a non-GAAP financial measure defined as GAAP income from continuing operations, excluding amortization of acquisition-related intangible assets, acquisition-related expenses, and certain litigation reserve adjustments. A reconciliation of McKesson’s financial results determined in accordance with GAAP to Adjusted Earnings is provided in Schedules 2, 3 and 4 of the financial statement tables included with this release.
Fourth-quarter Adjusted Earnings per diluted share was $2.09, up 17% compared to $1.78 a year ago. Full-year Adjusted Earnings per diluted share was $6.38, up 20% compared to $5.31 in the prior year.“I am pleased with our fourth-quarter results led by solid execution in our Distribution Solutions businesses. For the full year, we had strong growth in both earnings and cash flow driven by our portfolio of solutions across healthcare,” said John H. Hammergren, chairman and chief executive officer. During the fourth quarter, McKesson completed the acquisition of the independent banner and franchise businesses of Katz Group Canada Inc. for $919 million. Also during the fourth quarter, McKesson entered into an accelerated share repurchase agreement to buy $1.2 billion of its common stock. For the year, McKesson generated cash from operations of $2.9 billion, and ended the year with cash and cash equivalents of $3.1 billion and a gross debt-to-capital ratio of 36.8%. During the year, McKesson repurchased $1.9 billion of common stock, spent $1.2 billion on acquisitions, paid $195 million in dividends, and had internal capital spending of $403 million.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV