Benzinga | May 5, 2021 02:12PM EDT

AmerisourceBergen Stock Dives After Q2 Earnings Fall Short Of Expectations

* AmerisourceBergen Corporation (NYSE: ABC) shares dropped after the company's Q2 for fiscal 2021 failed to meet the consensus estimates. It reported an adjusted EPS of $2.53 topped the analyst consensus estimate of $2.48.

* But the quarterly sales of $49.2 billion missed the analyst consensus estimate of $49.85 billion.

* Sales increased 3.8% Y/Y, but at a slower pace when compared to around 9.7% recorded in Q1 FY21.

* Pharmaceutical distribution services revenue grew 3.4% to $47.1 billion, as specialty product sales, including COVID-19 treatments.

* The cost of goods sold rose 3.5% to $47.62 billion.

* Adjusted operating income increased 5.2% to $706.6 million. In 1Q21, the increase was 24.6% to $616.9 million.

* However, the company has raised the lower end of the fiscal 2021 guidance for adjusted EPS at $8.45 -- 8.60, up from the previous projection of $8.40 -- 8.60 per share, while the consensus EPS stands at $8.56.

* Price Action: ABC shares are down 7.2% at $116.87 during market trading hours on the last check Wednesday.