RTTNews | Nov 9, 2021 07:11AM EST

07:11 Tuesday, November 9, 2021 (RTTNews.com) - While reporting financial results for the first quarter on Tuesday, healthcare services company Cardinal Health, Inc. (CAH) reaffirmed its adjusted earnings guidance in the range of $5.60 to $5.90 per share.

On average, 13 analysts polled by Thomson Reuters expect the company to report earnings of $5.76 per share for the year. Analysts' estimates typically exclude special items.

The company noted that this guidance includes an update to Medical segment profit outlook to mid-single to low-double digit percentage decline, from low-double digit percentage growth.

Looking ahead, the company announced long-term segment profit targets of low to mid-single digit growth in the Pharmaceutical segment and mid to high-single digit growth in the Medical segment. The company is also targeting to average a double-digit combined adjusted earnings per share growth and dividend yield.

For the first quarter, the company reported net earnings attributable to the company of $271 million or $0.94 per share, compared to a net loss of $253 million or $0.86 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter were $1.29 per share, compared to $1.51 last year.

Revenues for the quarter grew 13 percent to $43.97 billion from $39.07 billion in the same quarter last year.

The Street was looking for earnings of $1.33 per share on revenues of $41.93 billion for the quarter.

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