U.S. pharmaceutical wholesaler McKesson Corp (MCK.N), which last week reached a deal to acquire Germany's Celesio AG (CLSGn.DE), 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 December 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.
(Reporting by Deena Beasley; Editing by Phil Berlowitz)