McKesson’s Profit Drops; Misses Estimates (MCK)
Healthcare company, McKesson Corporation(MCK) reported a drop in net income for the third quarter, missing analysts estimates on Friday.
The San Francisco, CA based company reported third quarter net income of $298 million, or $1.27 per share, from 300 million, or $1.22 per share in last years Q3. Excluding special items, the company’s earnings were $1.41 per share, missing analysts estimate of $1.63 per share.
Revenue for the quarter increased by 1% to $31.19 billion, from $30.84 billion last year, and beating expectations of $30.79 billion.
Looking forward, the company has raised its FY2013 outlook from a EPS range of $7.05 to $7.35 per share to a range of $7.10 to $7.30 per share.
Net income for the quarter reportedly dropped due to legal charges which affected its operations in Canada and its technology business.
McKesson shares were dowm -$5.23, or -4.97% during premarket trading Friday. The stock has increased 32% in the past year.
The Bottom Line
Shares of McKesson Corporation(MCK) have a 0.76% yield, based on Thursday’s closing price of $105.23
McKesson Corporation(MCK) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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