CAH - Cardinal Health sees 2024 earnings at high end of guidance range

2024-01-09 07:07:03 ET

Healthcare distributor Cardinal Health ( NYSE: CAH ) has updated its fiscal year 2024 earnings guidance, while also reiterating its long-term financial targets for a 12% to 14% growth of adjusted EPS.

The company now expects FY24 adjusted diluted EPS in the high-end of its previously issued $6.75 to $7.00 guidance range. Analysts expect Cardinal ( CAH ) to earn $6.95 a share in the year.

"This update is driven by anticipated favorability in fiscal 24 Interest and Other and Diluted Weighted Average Shares Outstanding, due to continued strong cash flow generation, resulting in higher-than-expected cash balances, and the execution of a new $250M accelerated share repurchase program in the second quarter," Cardinal said.

In addition, second quarter medical segment profit is now expected to be consistent with Q1 segment profit, due to anticipated non-recurring adjustments in Q2.

With regards to progress achieved on company's ongoing business and portfolio review, Cardinal ( CAH ) said it has decided to invest further in developing at-home solutions. Review of global medical products and distribution business continues, with focus on driving operational performance through the medical improvement plan.

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