Cardinal Health Inc reports quarterly net loss of $259 million
Company Reports Revenue of $54.9 billion
Cardinal Health Inc [CAH] has reported a net loss of $259 million for quarter ended Jun 30, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the quarter was $54.9 billion
Based in Dublin, Ohio, Cardinal Health, Inc., operates in the wholesale sector.
In the financial quarter ended March 31, 2024, Cardinal Health, Inc. reported a revenue of $54.91 million, reflecting a growth from the previous year's revenue of $50.49 million in the same quarter. The cost of products sold during the quarter was $52.96 million, higher than the $48.70 million reported in the comparative period.
The gross margin for the quarter was $1.95 million, up from $1.78 million in the prior year. Operating expenses, including distribution, selling, general and administrative expenses, amounted to $1.28 million compared to $1.18 million in the same quarter last year.
Operating earnings for the quarter were $367 million, a decrease from the $572 million reported in the previous year. The net earnings attributable to Cardinal Health, Inc. for the quarter were $258 million, down from $345 million in the comparative period.
The earnings per common share attributable to Cardinal Health, Inc. were $1.06 for basic and $1.05 for diluted shares in the current quarter, as compared to $1.35 and $1.34 respectively in the same quarter of the previous year.
The weighted-average number of common shares outstanding for basic and diluted calculations also decreased from 256 to 243 shares and from 258 to 245 shares respectively. The cash dividends declared per common share increased slightly from $0.4957 to $0.5006 in the current quarter.
Overall, the financial performance of Cardinal Health, Inc. showed a decrease in net earnings and earnings per share in the quarter ending March 31, 2024, compared to the same period in the previous year.
Also Read: Cardinal: Fiscal Q3 Earnings Snapshot
USInMinutes/IndiaInMinutes is an offering of 10kInfo, Inc., bringing you news on the latest regulatory filings. You may subscribe to more news alerts here. Although care is taken to ensure accuracy of the data, the article does not intend to replace user diligence while taking decisions of financial or legal implications
