RTTNews | Nov 5, 2020 07:03AM EST

07:02 Thursday, November 5, 2020 (RTTNews.com) - While reporting financial results for the first quarter of fiscal 2021 on Thursday, healthcare services company Cardinal Health, Inc. (CAH) raised its adjusted earnings guidance to a range of $5.65 to $5.95 from the prior range of $5.25 to $5.65 per share.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $5.50 per share for the year. Analysts' estimates typically exclude special items.

The increased guidance range primarily reflects a combination of a lower-than-previously-expected net headwind related to COVID-19 and improved cost savings.

For the second quarter, the company reported a net loss attributable to the company of $253 million or $0.86 per share, sharply narrower than $4.9 billion or $16.65 per share in the prior year. Adjusted earnings per share for the quarter were $1.51, compared to $1.27 last year.

Revenues for the quarter were $39.1 billion, an increase of 5 percent from the prior year.

The Street was looking for earnings of $1.13 per share on revenues of $38.18 billion for the quarter.

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