Cardinal Health Inc. (CAH) - Get Report shares rose after the company beat second-quarter earnings and revenue expectations. One of the nations' largest drug and medical products suppliers, the Dublin, Ohio-based company also boost its outlook for full-year fiscal 2019.
Cardinal reported GAAP adjusted operating earnings of $504 million, up 26% year over year, but diluted EPS decreased 72% to 93 cents. The company beat on non-GAAP EPS, which decreased 15% to $1.29 year over year. That's 20 cents higher than analysts' $1.09 estimate. Non-GAAP adjusted operating earnings decreased 13% to $637 million, the company said.
Second-quarter revenue grew 7% to $37.7 billion, according to the company; analysts expected $36.08 billion.
The health-care-services provider raised full-year fiscal 2019 adjusted EPS from continuing operations to a range from $4.97 to $5.17. That is above analysts' expectations of between $4.88 and $5.12, according to Bloomberg.
"Overall, results this quarter came in ahead of our expectations led by the Pharmaceutical segment," said Mike Kaufmann, CEO of Cardinal Health. "We are making good progress on our strategic initiatives to drive future growth and are well-positioned to exceed our cost-savings targets for the enterprise. As a result, we are raising our guidance for the full fiscal year."
There are three buys, 13 holds and two sell ratings stock. Shares closed 6.8% higher at $54.25 in Thursday's trading session.