AmerisourceBergen Corp Earnings: Profit Rises for Third Straight Quarter

S&P 500 (NYSE:SPY) component AmerisourceBergen Corporation (NYSE:ABC) reported its results for the first quarter. AmerisourceBergen is a pharmaceutical services company providing drug distribution and related healthcare services to pharmacy, physician, and manufacturer customers based in North America.

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AmerisourceBergen Earnings Cheat Sheet for the First Quarter

Results: Net income for the drug wholesaler rose to $162.1 million (62 cents per share) vs. $160.5 million (57 cents per share) in the same quarter a year earlier. This marks a rise of 1% from the year earlier quarter.

Revenue: Rose 2.4% to $20.36 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: ABC fell in line with the mean analyst estimate of 62 cents per share. Analysts were expecting revenue of $19.99 billion.

Quoting Management: “We are off to a good start in our fiscal year 2012, with December quarter results in line with our expectations, and excellent progress being made on the integration of our recent acquisitions,” said Steven H. Collis, AmerisourceBergen President and Chief Executive Officer. “We continued to demonstrate expense and working capital discipline, and our balance sheet remains strong, giving us outstanding financial flexibility.”

Key Stats:

The company has now seen net income rise in three straight quarters. In the fourth quarter of the last fiscal year, net income rose 4.3% and in the third quarter of the last fiscal year, the figure rose 13%.

Revenue has risen the past four quarters. Revenue increased 3.5% to $20.41 billion in the fourth quarter of the last fiscal year. The figure rose 2.9% in the third quarter of the last fiscal year from the year earlier and climbed 2.4% in the second quarter of the last fiscal year from the year-ago quarter.

The company fell in line with estimates last quarter after topping expectations in the previous two quarters. In the fourth quarter of the last fiscal year, it topped the mark by 4 cents, and in the third quarter of the last fiscal year, it was ahead by 2 cents.

Looking Forward: Over the past ninety days, the average estimate for the second quarter has fallen from 83 cents per share to 81 cents, indicating that analysts are growing pessisimistic about the company’s performance next quarter. For the fiscal year, the average estimate has moved up from $2.81 a share to $2.82 over the last thirty days.

Competitors to Watch: McKesson Corporation (NYSE:MCK), Cardinal Health, Inc. (NYSE:CAH), Henry Schein, Inc. (NASDAQ:HSIC), Omnicare, Inc. (NYSE:OCR), BioScrip Inc. (NASDAQ:BIOS), Grupo Casa Saba, S.A. (NYSE:SAB), Owens & Minor, Inc. (NYSE:OMI), Patterson Companies, Inc. (NASDAQ:PDCO), PSS World Medical, Inc. (NASDAQ:PSSI), and MWI Veterinary Supply, Inc. (NASDAQ:MWIV).

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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

 

To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com