Published on 5 May 2022 on Market Watch

Cardinal Health's stock falls 6% after earnings miss

Shares of Cardinal Health Inc. tumbled 6.0% in premarket trading on Thursday after the medical and pharmaceutical distributor missed on earnings for the quarter. Cardinal Health had a net loss of $1.4 billion, or $5.05 per share, in its third quarter of 2022, after net income of $119 million, or 40 cents per share, in the same quarter a year ago. Adjusted earnings per share were $1.45, against a FactSet consensus of $1.52. The company cited a non-cash, pre-tax goodwill impairment of $474 million in its medical business. Cardinal reported $44.8 billion in revenue for the quarter, up from $39.3 billion reported in the same quarter in 2021. The FactSet consensus was $43.1 billion. The company updated its guidance for the year, saying it now expects adjusted EPS of $5.15 to $5.25 from previous guidance of $5.15 to $5.50. The company's stock is up 17.5% this year, while the broader S&P 500 has declined 12.4%.