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McKesson Reports Fiscal 2014 First-Quarter Results

McKesson Corporation (NYSE: MCK) today reported that revenues for the first quarter ended June 30, 2013 were $32.2 billion, up 5% compared to $30.7 billion a year ago. On the basis of U.S. generally accepted accounting principles (“GAAP”), first-quarter earnings per diluted share was $1.83 compared to $1.58 a year ago.

First-quarter Adjusted Earnings per diluted share from continuing operations was $2.07, up 34% compared to $1.54 a year ago.

“McKesson is off to an excellent start in Fiscal 2014, with strong execution from both Distribution Solutions and Technology Solutions driving earnings growth,” said John H. Hammergren, chairman and chief executive officer. “Based on the momentum from our first-quarter results and our confidence in the full year, we are raising our previous outlook for the fiscal year and now expect Adjusted Earnings per diluted share from continuing operations of $8.05 to $8.35 for the fiscal year ending March 31, 2014.”

For the first quarter, McKesson generated cash from operations of $716 million, and ended the quarter with cash and cash equivalents of $2.9 billion and a gross debt-to-capital ratio of 39.7%. During the quarter, McKesson paid $53 million in dividends, had internal capital spending of $100 million, and spent $74 million on acquisitions.

Today, the Board of Directors approved an increase to the quarterly dividend from 20 cents to 24 cents per share.

“Our strong balance sheet and cash flow performance provide us with opportunities to deploy capital to advance our long-term strategic objectives and lay the foundation for future growth,” Hammergren commented. “We continue to believe our portfolio approach to capital deployment, through a mixture of acquisitions, share repurchases, dividends and internal capital spending, creates significant value for our shareholders.”

As previously announced, the Company is exiting its International Technology and Hospital Automation businesses. Results for these two businesses are reported in discontinued operations in McKesson’s condensed statement of operations.

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