Cardinal Health, the pharmaceuticals and medical products distributor, anticipates that its fiscal 2024 adjusted earnings will exceed its previous guidance range. The company is expecting favorable results in both Interest and Other, as well as Diluted Weighted Average Shares Outstanding. This is attributed to a $250 million accelerated share-buyback program in the second quarter.
Previously, Cardinal had provided a forecast of $6.75 to $7 per share for fiscal 2024 adjusted earnings. According to FactSet, analysts expect a profit of $6.96 per share.
For the second quarter, Cardinal forecasts that its medical segment profit will be "generally consistent" with the results from the first quarter. However, the company does expect some "anticipated non-recurring adjustments" during this period.
Furthermore, Cardinal plans to invest in expanding its network for at-home solutions by constructing a new distribution center in Texas. This decision follows a thorough review of certain businesses within its Medical Segment.
Although Cardinal is still reviewing its Global Medical Products and Distribution businesses, these recent developments indicate a positive outlook for the company.