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Jan 30 U.S. pharmaceutical wholesaler McKesson Corp, which last week reached a deal to acquire Germany's Celesio AG, reported on Thursday a 79 percent drop in quarterly net profit as one-time inventory and other charges offset revenue gains.
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, due to higher acquisition and inventory-related charges.
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.
Excluding one-time charges, the company earned $1.45 per share, well short of the $1.84 per share forecast, on average, by analysts, according to Thomson Reuters I/B/E/S.
Revenue rose 10 percent to $34.3 billion. Analysts had expected $33.57 billion.
With the Celesio buyout, valued at about $8.5 billion including debt, McKesson aims to further 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.
RIYADH, April 23 Saudi Arabia reinstated financial allowances for civil servants and military personnel on Saturday after better-than-expected budget figures, ending unpopular cuts to a key perk triggered by low oil prices and cheering the stock market.