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McKesson Corporation (MCK) Shares Fly on Earnings Beat, Upbeat Forecast

MCK beat EPS estimates by 42 cents


McKesson Corporation (NYSE:MCK) stock was sitting pretty on Friday following the release of its earnings report for its fiscal fourth quarter of 2017.

McKesson Corporation (MCK) Shares Fly on Earnings Beat, Upbeat ForecastDuring its fourth fiscal quarter of 2017, McKesson Corporation reported earnings per share of $3.42. This is an increase over its earnings per share of $3.18 from the same time last year. It also came in above Wall Street’s earnings per share estimate of $3.00 for the quarter.

McKesson Corporation stock was also helped by high expectations for its fiscal 2018 year. The pharmaceuticals delivery and healthcare information company is looking for earnings per share to range from $11.75 to $12.45. Wall Street is expecting MCK to report earnings per share of $11.46 for the fiscal year ending on March 31, 2018.

McKesson Corporation reported revenue of $48.7 billion in its fiscal fourth quarter of 2017. This is up from its revenue of $46.7 billion from the fiscal fourth quarter of 2016. However, it came in below analysts’ revenue estimate of $49.48 billion for MCK’s fiscal fourth quarter of the year.

For the full fiscal year of 2017, McKesson Corporation earned $4.7 billion in cash from operations. It finished the year up with $2.8 billion in cash and cash equivalents. The company spent $4.2 billion on acquisitions, bought back $2.3 billion worth of its common stock and paid back $1.6 billion in long-term debt.

“Our Fiscal 2017 was impacted by both company-specific and industry pressures,” John Hammergren, Chairman and CEO of McKesson Corporation, said in a statement. “However, due to the actions we have taken, I believe we have positioned our businesses well to address evolving market dynamics and to capitalize on future growth opportunities.”

MCK stock was up 8% as of Friday afternoon.

Article printed from InvestorPlace Media,

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