McKesson Corporation (NYSE:MCK) saw its shares scream higher Tuesday, on the release of third-quarter financial results.
The company out of Irving, Texas reported third-quarter revenues were $59.2 billion, up 5% from a year ago. On an FX-adjusted basis, revenues grew 6%, primarily driven by growth in the U.S. Pharmaceutical and Specialty Solutions segment, largely due to branded pharmaceutical price increases and higher volumes from retail national account customers.
Third-quarter earnings per diluted share of $1.06 included a pre- and post-tax charge of $282 million within our European Pharmaceutical Solutions segment for the re-measurement to fair value of assets and liabilities held for sale related to the expected formation of a new German wholesale joint venture with Walgreens Boots Alliance.
For the full fiscal year. MCK reaffirmed fiscal 2020 Adjusted Earnings per diluted share guidance range of $14.60 to $14.80; previously raised from $14.00 to $14.60 on January 13.
Third-quarter Adjusted Earnings per diluted share was $3.81 compared to $3.40 a year ago, an increase of 12%, primarily driven by growth in the U.S. Pharmaceutical and Specialty Solutions, Medical Surgical and European segments and a lower share count.
CEO Brian Tyler said in Tuesday’s news release, "We delivered solid operating performance and we are pleased to report third-quarter adjusted earnings results ahead of our expectations.
"McKesson’s unwavering focus on strategic and operational execution is demonstrated in the adjusted operating profit growth we reported in the third quarter across our core operating segments. Additionally, we have deployed meaningful capital toward share repurchases year-to-date, delivering further value to our shareholders."
Shares rocketed $8.02, or 5.6%, to $151.92
