RTTNews | Nov 3, 2020 07:18AM EST

07:18 Tuesday, November 3, 2020 (RTTNews.com) - McKesson Corp. (MCK) increased its fiscal 2021 adjusted earnings per share guidance to $16.00 to $16.50 from the previous range of $14.70 to $15.50 to reflect strong execution and earlier improvement in volumes relative to expectations through the first half of fiscal 2021. The company noted that its fiscal 2021 guidance assumes approximately $0.15 to $0.20 of adjusted earnings per share related to the kitting and storage of ancillary supplies for future COVID-19 vaccines. Analysts polled by Thomson Reuters expect the company to report profit per share of $15.2. Analysts' estimates typically exclude special items.

Second-quarter adjusted earnings per share was $4.80 compared to $3.60 a year ago, an increase of 33%, driven by a lower share count, a lower tax rate and growth in the Medical-Surgical Solutions segment. The company said its second-quarter adjusted earnings per share also includes pre-tax net gains of approximately $0.22 per share, associated with McKesson Ventures' equity investments. On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $3.87, for the quarter.

Second-quarter revenues were $60.8 billion, up 6% from a year ago, driven by growth in the U.S. Pharmaceutical segment, largely due to market growth and higher volumes from retail national account customers, partially offset by branded to generic conversions. Analysts expected revenue of $59.42 billion, for the quarter.

Read the original article on RTTNews ( https://www.rttnews.com/3142354/mckesson-corp-raises-earnings-guidance-quick-facts.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com All Rights Reserved