UPDATE 1-McKesson trims full-year outlook, cites taxes, charges
Jan 30 (Reuters) - U.S. pharmaceutical wholesaler McKesson Corp, which last week reached a deal to acquire Germany's Celesio AG, reported on Thursday a lower quarterly profit and trimmed its full-year outlook, citing higher taxes and one-time charges.
For its full fiscal year ending March 31, McKesson said it expects adjusted earnings per share from continuing operations of $8.05 to $8.20 per share, down from a previous estimate of $8.40 to $8.70 per share.
The revision was driven by an expected tax rate of 36.5 percent, up from a previous estimate of 31 percent, due to a dispute with Canadian tax authorities and a change in business mix, as well as a technology-related charge, McKesson Chief Financial Officer James Beer said on a conference call.
For its fiscal third quarter, ended Dec. 31, McKesson posted a net profit of $64 million, or 28 cents per share, compared with $298 million, or $1.24 per share, a year earlier.
McKesson reported adjusted earnings per share of $1.45, but excluding 70 cents in one-time charges, the company earned $2.15, which beat analysts' average estimate of $1.84, according to JP Morgan analyst Lisa Gill.
Revenue rose 10 percent to $34.3 billion.
With the Celesio buyout, valued at about $8.5 billion including debt, McKesson aims to advance its push to become a global leader in drugs distribution. The deal was secured after the U.S. company reached agreements with two shareholders controlling about 75 percent of Celesio shares.
McKesson said it expects to acquire enough of the remaining shares in Celesio to achieve operational control toward the end of the first half of its fiscal 2015.
Chief Executive Officer John Hammergren said the combined company would have revenue of over $150 billion, 81,000 employees, operations in 20 countries and would deliver to over 120,000 hospitals and pharmacy locations on a daily basis.
Shares of McKesson, which rose 2 percent to close at $177.23 in regular trading on the New York Stock Exchange, were up 21 cents at $177.44 after hours.
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