NEW YORK (TheStreet) -- Shares of Cardinal Health (CAH) are down -3.94% to $69.52 after the healthcare services company said its fiscal fourth quarter revenue declined, due to the continuing impact of the expiration of the Walgreen (WAG) contract.
The company reported a profit of $234 million, or 68 cents per share, compared with a loss of $586 million a year ago, or $1.72 per share.
Adjusted earnings were 83 cents per share, up from 79 cents a year ago. The year earlier period included an $832 million write-down tied to the company's nuclear pharmacy services division.
Revenue slid 10% to $22.9 billion. Excluding the impact of the Walgreen contract expiration, revenue was up 12%, the company said.
Analysts polled by Thomson Reuters projected earnings of 81 cents per share on revenue of $21.9 billion.
TheStreet Ratings team rates CARDINAL HEALTH INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate CARDINAL HEALTH INC (CAH) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had sub par growth in net income."