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DUBLIN, Ohio — Cardinal Health reported first quarter fiscal year 2019 revenues of $35.2 billion, an increase of 8%. The company also reported growth in GAAP operating earnings of 211% to $816 million and a decrease in non-GAAP operating earnings of 11% to $542 million. GAAP operating earnings included a gain of $508 million ($378 million after-tax) related to the naviHealth divestiture. GAAP diluted earnings per share (EPS) from continuing operations increased 439% to $1.94, while non-GAAP diluted EPS increased 18% to $1.29.
First quarter revenue for the Pharmaceutical segment increased 9% to $31.4 billion due to sales growth from Pharmaceutical Distribution and Specialty Solutions customers, partially offset by the divestiture of the company’s China distribution business.
Segment profit for the quarter decreased 12% to $409 million, which reflects the negative impact from the company’s generic program performance.
“We are pleased that the first quarter provided a solid start to fiscal year 2019,” said Mike Kaufmann, chief executive officer of Cardinal Health. “Operating performance came in as expected, and we are on track in executing on our strategic initiatives to deliver increased value to our shareholders, our customers and their patients. We look forward to making further strides over the balance of the year and building on Cardinal Health’s essential role in health care.”
