Cardinal Health Earnings Rise
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DUBLIN, Ohio (AP) _ Cardinal Health Inc. on Tuesday reported a 17 percent increase in fourth-quarter earnings, citing continued strong sales in its wholesale drug distribution and automated medication supply businesses.
The Dublin, Ohio-based company, the nation’s largest wholesaler of drugs and hospital supplies, said earnings were $296.3 million, or 64 cents a share, for the quarter that ended June 30 compared with $253.3 million, or 55 cents a share, last year. Revenue increased 15 percent to a record $11.8 billion from $10.3 billion.
Cardinal Health stock was up 5 percent, or $2.78, to $54.81 in early trading on Tuesday on the New York Stock Exchange.
``Cardinal Health’s balance sheet is stronger than at any time in our history,″ said Robert Walter, chairman and chief executive.
Excluding special charges of $70.4 million, primarily related to its acquisition of Bindley Western Industries of Indianapolis last year, the company made 74 cents a share, a penny better than the estimate from analysts surveyed by Thomson First Call.
For the year, earnings jumped 23 percent to $1.1 billion, or $2.30 cents a share, compared with $857.4 million, or $1.88 a share, in 2001.
Sales for the year increased 15 percent to $44.4 billion from $38.7 billion.
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