McKesson: Fiscal 1Q Earnings Snapshot
IRVING, Texas (AP) _ McKesson Corp. (MCK) on Wednesday reported fiscal first-quarter net income of $423 million, after reporting a loss in the same period a year earlier.
The Irving, Texas-based company said it had profit of $2.24 per share. Earnings, adjusted for amortization costs and non-recurring costs, came to $3.31 per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $3.04 per share.
The prescription drug distributor posted revenue of $55.73 billion in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $53.97 billion.
McKesson expects full-year earnings in the range of $14 to $14.60 per share.
McKesson shares have risen 26% since the beginning of the year, while the Standard & Poor’s 500 index has increased 19%. In the final minutes of trading on Wednesday, shares hit $138.95, an increase of 11% in the last 12 months.