AmerisourceBergen Corporation (NYSE:ABC) today reported that in its fiscal year third quarter ended June 30, 2013, adjusted diluted earnings per share from continuing operations were $0.73, which excludes LIFO expense of $122.1 million and warrant expense of $35.8 million. On the basis of U.S. generally accepted accounting principles (GAAP), diluted earnings per share from continuing operations were $0.27 in the quarter. Revenue in the quarter was $21.9 billion, up 13.3 percent. The Company also narrowed the range of its expectations for the full fiscal year 2013 adjusted diluted earnings per share from continuing operations to $3.06 to $3.11 from its previous range of $3.04 to $3.14.
In the tables that follow, we present our GAAP results as well as a reconciliation of GAAP income from continuing operations to non-GAAP adjusted income from continuing operations for the June quarter and the first nine months of fiscal 2013. Fiscal 2012 results are presented on a GAAP basis only, and include a LIFO expense of $4.7 million in the June quarter, and $11.4 million for the first nine months of fiscal 2012. There was no warrant expense in fiscal 2012.
“In our June quarter, AmerisourceBergen delivered solid performance and made significant progress on strategic initiatives,” said Steven H. Collis, AmerisourceBergen President and Chief Executive Officer. “We completed two previously announced divestitures, obtained the required regulatory approvals on certain aspects of our new strategic long-term relationship with Walgreen Co. and Alliance Boots GmbH, and have begun to prepare our network for the onboarding of the new Walgreens distribution contract in September. In addition, we recently enhanced our financial flexibility by increasing the borrowing capacity of our revolver and our securitization programs. Not only are we on track to meet our objectives for the full fiscal year, but we have taken important steps to strengthen our ability to generate sustainable long term growth that benefits all of our stakeholders.”
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV