McKesson Reports Fiscal 2012 Fourth-Quarter And Full-Year Results

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.

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