Cardinal Health tops earnings estimates, raises guidance on ‘strong momentum’

Cardinal Health (NYSE:) reported better-than-expected FQ4 results today.

Adjusted came in at $1.55, marking a notable increase compared to $1.05 in the previous year, and surpassing the expected $1.49. Adjusted operating income totaled $560 million, a 24% increase year over year, exceeding the projected $540 million.

The company’s revenue also showed a robust rise, reaching $53.45B, up 13% YoY, and exceeding the expected $52.7B. Pharmaceutical revenue achieved $49.7B, rising 15% YoY and outperforming the expected $48.96B.

Following the FQ4 outperformance, the company has raised its fiscal year 2024 non-GAAP EPS guidance to a range of $6.50 to $6.75, up from the previous range of $6.45 to $6.70.

“As we move into the new fiscal year, we do so with strong momentum and have accordingly revised our previously communicated fiscal year 2024 EPS guidance,” the company said.

“We are pleased with the robust conclusion to the year, characterized by substantial cash flow generation, ongoing robust growth in the Pharmaceutical segment, and significant enhancements in the Medical segment. This growth is attributed to the successful execution of our Medical Improvement Plan.”