Carefusion Earnings: Profit Goes South
S&P 500 (NYSE:SPY) component Carefusion Corporation (NYSE:CFN) reported its results for the third 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 Third Quarter
Results: Net income for Carefusion Corporation fell to $31 million (13 cents per share) vs. $45 million (20 cents per share) a year earlier. This is a decline of 31.1% from the year-earlier quarter.
Revenue: Rose 9.1% to $919 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Carefusion Corporation reported adjusted net income of 49 cents per share. By that measure, the company beat the mean estimate of 45 cents per share. It beat the average revenue estimate of $889.7 million.
Quoting Management: “Our team executed well in the third quarter, particularly in the Medical Systems segment where Dispensing, Infusion and Respiratory Technologies all reported double-digit revenue growth,” said Kieran Gallahue, chairman and CEO. “Our Procedural Solutions segment performed as we expected, with strength in the Infection Prevention business and sales of ChloraPrep growing in line with our expectations.
The company has beaten estiamtes for two quarters in a row. In the second quarter, it topped expectations with net income of 44 cents versus a mean estimate of net income of 43 cents per share.
Looking Forward: Expectations for the company’s next-quarter results are lower than they have been. Over the past sixty days, the average estimate for fourth quarter has fallen from 58 cents per share to 57 cents. The average estimate for the fiscal year is $1.79 per share, down from $1.81 ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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