Why Cardinal Health Is Down Nearly 13% Today
Shares of healthcare supply outfit Cardinal Health (NYSE: CAH) are down 12.9% as of midday Thursday after falling short of earnings estimates for its fiscal fourth quarter.
During the three-month stretch ending in June, Cardinal Health turned $42.6 billion in revenue into per-share operating earnings of $0.77. Sales improved by 16% year over year while operating profits tumbled by 26%. Worse, the bottom line missed estimates of $1.20 per share even though the top line easily topped a consensus of $40.4 billion. An accounting adjustment linked to the pandemic is responsible for the bulk of the earnings miss; operating cash flow of $665 million was up 177% from the year-ago quarter.
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Source Fool.com
