May 7 Drug wholesaler McKesson Corp
reported a smaller-than-expected fourth-quarter profit, but
forecast strong 2014 adjusted earnings as it expects its
technology solutions business and the acquisition of smaller
peer PSS World Medical to significantly contribute to growth.
The company expects an adjusted profit from continuing
operations of $7.90 per share to $8.20 per share for fiscal
Analysts on average expect a profit of $7.21 per share,
according to Thomson Reuters I/B/E/S.
Net income fell to $259 million, or $ 1.10 per share, in the
January-March quarter from $521 million, or $2.09, a year
The company said it agreed to sell its 49-percent equity
investment in Mexico's Nadro S.A. de C.V, and took a non-cash,
pre-tax impairment charge of $191 million related to the sale in
the fourth quarter.
Excluding the charge and some other one-time items, profit
was $1.45 per share. Analysts were expecting a profit of $2.30
Revenue fell 3 percent to $30.6 billion, lagging analysts'
average estimates of $32.01 billion.
Shares of the company were up 2 percent after the bell. They
closed at $108.63 on Tuesday on the New York Stock Exchange.