reported second-quarter earnings that were in line with analysts' expectations, as the company experienced strong growth in its pharmaceutical distribution and provider services segments.
The Dublin, Ohio, health services and products provider said second-quarter earnings were $215 million, or 75 cents a share, matching the 19-analyst estimate carried by
First Call/Thomson Financial
. The company earned $177 million, or 62 cents a share, a year ago.
Revenue for the quarter rose 24% to $7.7 billion from $6.3 billion last year.
Cardinal also reaffirmed its long-term earnings per share growth targets of 20% or more a year. The company said it was withdrawing its $750 million share repurchase program in connection with its proposed $1.6 billion, stock-swap merger with
Bindley Western Industries
, which it announced in December.
Shares of Cardinal recently slipped $2.80, or 2.8%, to $97.25 on the
New York Stock Exchange
, while shares of Bindley lost $1.18, or 2.8%, to $41.56 in morning trading.