October 30, 2012 / 12:16 PM / 5 years ago

Cardinal Health quarterly profits rise, reaffirms outlook

(Reuters) - Drug wholesaler Cardinal Health Inc. (CAH.N) 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. (Reporting By Caroline Humer and Debra Sherman; Editing by Alden Bentley and W Simon)

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