Cardinal Health Inc. CAH said Thursday it swung to a second-quarter loss of $130 million, or 50 cents a share, from a profit of $49 million, or 17 cent a share in the year-ago quarter. The company reported adjusted net income of $1.32 a share, ahead of the Wall Street forecast of $1.14 a share, according to estimates compiled by FactSet. Revenue increased by 13% to $51.5 billion, ahead of the analyst estimate of $50.72 billion. Looking ahead, Cardinal Health said it raised its forecast for adjusted earnings per share to $5.20 to $5.50 from its earlier view of $5.05 to $5.40. Analysts are expecting earnings of $5.32 a share. Cardinal Health stock is down 1.5% in 2023, compared to a 7.3% increase by the S&P 500 SPX.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
0
0
