surpassed Wall Street's expectations by a penny on strong performances in two-of-its-three businesses, pharmaceutical distribution and medical-surgical products.
The second-largest wholesaler in the U.S. of pharmaceuticals and health care-related supplies, behind
, said the third quarter ended March 31, earnings rose 24% to $199 million, or 70 cents a diluted share, from $161 million, or 56 cents a share a year earlier. The consensus estimate of analysts polled by
First Call/Thomson Financial
was 69 cents.
Including $9 million in after-tax costs for Dublin, Cardinal's merger with
Automatic Liquid Packaging
in September 1999, earnings totaled $190 million, or 67 cents a share.
Revenue rose 14% to $6.4 billion from $5.6 billion a year ago. Sales in the pharmaceutical distribution segment rose 20% to $4.7 billion, contributing 74% of the company's revenue, and sales in the medical-surgical products segment grew 5% to $1.2 billion, contributing 19%. Meanwhile, sales in the pharmaceutical services segment grew 3% to $585 million, contributing 9% of the company's total revenue.
Subsidiaries of Cardinal include:
, a supplier of surgical apparel and lab products;
, a franchiser of old-style apothecaries;
, a pharmacy management services administrator and
, a manufacturer of gelcaps.
Last week, Cardinal
established a business-to-business Internet procurement exchange, along with
Fisher Scientific International
, McKesson HBOC and
Owens & Minor
Shares of Ohio-based Cardinal were up 2 1/16, or 4%, to 55 in Tuesday afternoon trading. (Cardinal closed up 2 3/8, or 4%, at 55 5/16.)