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REFILE-UPDATE 1-Cardinal Health quarterly profits rise,reaffirms outlook
October 30, 2012 / 12:10 PM / in 5 years

REFILE-UPDATE 1-Cardinal Health quarterly profits rise,reaffirms outlook

* Fiscal Q1 net shr 80 vs 69

* Revenue down 3 percent to $25.9 billion

* Company reaffirms fiscal 2013 outlook

Oct 30(Reuters) - Drug 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.

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