Cardinal Health (NYSE: CAH), Dublin, Ohio, reported 2022 fiscal first-quarter revenues of $44.0 billion, an increase of 13% from the first quarter of last year.
The pharmaceutical distributor and global manufacturer of medical and laboratory products also reported 2022 fiscal 1Q net earnings of $271 million, a rebound from its reported $253 million in losses for the same quarter last year.
Cardinal Health’s non-GAAP operating earnings were $415 million, compared with $624 million in losses during 2021 fiscal 1Q.
“Our first quarter results were in line with our expectations,” said Mike Kaufmann, CEO of Cardinal Health. “We are reaffirming our full-year non-GAAP EPS guidance, despite our expectation that we will see greater inflationary pressures in the Medical segment for the remainder of the year, which we are taking action to mitigate. With an additional $3 billion share repurchase authorization and our commitment to our dividend, we are positioned to return capital to shareholders, while prioritizing investment in our growth businesses, technology and digital transformation, simplifying our operating model, and strengthening our core businesses.”