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UPDATE 1-Drug distributor McKesson's quarterly profit beats estimates
October 26, 2017 / 11:34 AM / in a month

UPDATE 1-Drug distributor McKesson's quarterly profit beats estimates

(Adds Q2 details, I/B/E/S estimates)

Oct 26 (Reuters) - Drug wholesaler McKesson Corp reported a better-than-expected quarterly profit, helped by strength in its distribution business.

McKesson’s results were also driven by sourcing benefits from ClarusONE, which provides generic pharmaceutical services for the company.

Net income attributable to McKesson plunged to $1 million, or 1 cent per share, in the second quarter ended Sept. 30, from $307 million, or $1.34 per share, a year earlier.

The latest quarter included $2.41 per share of non-cash goodwill and other long-lived asset impairment charges and 19 cents per share of restructuring charges.

On an adjusted basis, the company earned $3.28 per share, ahead of the average analyst estimate of $2.80, according to Thomson Reuters I/B/E/S.

Revenue rose to $52.06 billion from $49.96 billion.

The company said growth in its business units in the quarter offset the continued lapping effect of increased price competition in its independent pharmacy business. (Reporting by Anuron Kumar Mitra and Ankur Banerjee in Bangalore; Editing by Maju Samuel)

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