AmerisourceBergen ( ABC) delivered a knockout quarter. The giant drug distributor blew past Wall Street profit estimates for the latest period Wednesday and raised its guidance for the coming year. The company credited its core drug distribution business for its outperformance. First-quarter revenue, while up 16% to a record $15.7 billion, did fall shy of the $16.9 billion estimate. However, strong metrics elsewhere more than offset that shortfall. Net income surged 25% to $209 million, with operating profits of 65 cents a share topping Wall Street estimates by a full 9 cents. The company, in turn, raised its full-year guidance by a nickel to $2.45 to $2.60 a share. Before that update, analyst projections were at the lower end of that range. "Our outstanding earnings-per-sharer results were driven by strong performance in our traditional distribution business, as well as the continued strength of our specialty distribution business," AmerisourceBergen CEO David Yost said. "The December quarter's excellent performance exceeded our expectations and provides strong momentum for the remainder of fiscal 2007." AmerisourceBergen's drug distribution business posted above-market growth rates in the latest period, although the company's decision to drop a big low-margin account will affect that growth rate in the coming quarters. Still, the company's specialty drug business remains on quite a roll. There, revenue grew by a whopping 40% in the latest quarter alone. Sales of generic drugs expanded as well.