* Fiscal Q1 net shr 80 vs 69
* Revenue down 3 percent to $25.9 billion
* Company reaffirms fiscal 2013 outlook
Oct 30Drug wholesaler Cardinal Health Inc.
on Tuesday reported higher quarterly profits even as
revenue fell as patients converted to generic pharmaceuticals
from higher-priced brand name pharmaceuticals.
The company reaffirmed its outlook for fiscal 2013, calling
for diluted earnings per share from continuing operations,
excluding items, of $3.35 to $3.50.
The company, which also announced it raised its dividend,
said fiscal first quarter net earnings were $271 million, or 80
per share, up from $237 million or 69 per share a year earlier.
Earnings from continuing operations, excluding one-time
items, were 79 cents a share.
Revenue dipped 3 percent to $25.9 billion in the quarter,
with revenue from its pharmaceutical segment declining 4 percent
to $23.5 billion and revenue from its medical segment rising 1
percent to $2.4 billion.
Cardinal blamed slow growth in its medical segment partly on
the slowdown in medical procedures, but said it continues to
target double-digit profit in this business in fiscal 2013.