- McKesson ( NYSE: MCK ) has raised its guidance range for non-GAAP EPS to $25.75 to $26.15, up from $24.45 to $24.95 ($24.80 consensus).
- The drug wholesaler made the disclosure as part of its fiscal 2023 Q3 financial results, in which it beat on the top line but missed on the bottom .
- McKesson swung to quarterly net income of ~$1.1B after a loss of $7M in the prior-year period thanks to major reduction in SG&A expenses, which dropped to ~$1.9B from ~$3.1B.
- Non-GAAP EPS of $6.90 compared to $6.15 a year ago, helped by a pre-tax benefit of $126M from the termination of a tax receivable agreement with Change Healthcare, lower share count, and growth.
- Excluding certain items, McKesson's FY 23 projected non-GAAP EPS represents 16% growth compared to FY 22.
- The company ended 2022 with ~$2.8B in cash and cash equivalents, compared to ~$3.5B on March 31, 2022.
- Read the reasons why Seeking Alpha contributor Low Budget Dividend Investing says that McKesson ( MCK ) is a buy.
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McKesson updated 2023 guidance boosts non-GAAP EPS