Cardinal Health Inc (NYSE:CAH) stock was nosediving on Thursday after releasing an earnings miss for its fiscal third quarter of 2018.
Cardinal Health Inc’s earnings report for its fiscal third quarter of 2018 includes earnings per share of $1.39. This is a drop from the company’s earnings per share of $1.53 reported in its fiscal third quarter of 2017. It is also a blow to CAH stock by coming in below Wall Street’s earnings per share estimate of $1.51 for the period.
Net earnings report by Cardinal Health Inc for its fiscal third quarter of the year came in at $255 million. This is down 33% from the company’s net earnings of $381 million that was reported in the same period of the year prior.
During its fiscal third quarter of 2018, Cardinal Health Inc reported operating earnings of $546 million. This represents a 10% decrease from the healthcare company’s operating earnings of $605 million reported in the same fiscal quarter of the previous year.
Cardinal Health Inc also reported revenue of $33.60 billion for its fiscal third quarter of the year. This is an increase over the $31.80 billion in revenue reported for the same time last year. It also comes in above analysts’ revenue estimate of $33.48 billion for the quarter.
Another blow to CAH stock comes in the form of an update to its guidance for its fiscal full year of 2018. Cardinal Health Inc says it now expects earnings per share for the period to come in between $4.85 and $4.95. The previous guidance ranged from $5.25 to $5.50. Wall Street is looking for earnings per share of $5.43 for the fiscal full year of 2018.
CAH stock was down 17% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.