Carefusion Corp Earnings: Profit Rises
S&P 500 (NYSE:SPY) component Carefusion Corporation (NYSE:CFN) reported its results for the second quarter. CareFusion is a medical technology company offering clinically proven products and services designed to improve the safety and quality of healthcare.
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Carefusion Earnings Cheat Sheet for the Second Quarter
Results: Net income for the medical instruments and supplies company rose to $95 million (42 cents per share) vs. $76 million (34 cents per share) in the same quarter a year earlier. This marks a rise of 25% from the year earlier quarter.
Revenue: Rose 3.3% to $915 million from the year earlier quarter.
Actual vs. Wall St. Expectations: Carefusion Corporation reported adjusted net income of 44 cents per share. By that measure, the company beat the mean estimate of 43 cents per share. Analysts were expecting revenue of $914.2 million.
Quoting Management: “Our second quarter results were led by strong performance across the Medical Systems segment, with our three major businesses achieving positive gains and positioning us well for the second half of the year,” said Kieran Gallahue, chairman and CEO. “These results were partially offset by our performance in the Procedural Solutions segment, as we indicated in our preliminary earnings report last month. We continue to believe that our highly differentiated Procedural Solutions products will grow faster than the market and remain meaningful contributors to our long-term performance. “We continued to make good progress on our efforts to build our foundation and to invest in areas that will help simplify how we do business so we can expand margins and accelerate top-line growth over the long term. We remain committed to our long-term growth targets and are confident we will make progress against these goals this fiscal year.”
The company beat estimates last quarter after being in line with expectations in the first quarter with net income of 33 cents per share.
Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the third quarter is 46 cents per share, down from 47 cents ninety days ago. At $1.81 per share, the average estimate for the fiscal year has fallen from $1.85 ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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