Despite 'unexpected challenges,' Cardinal Health beats expectations in fourth-quarter earnings
August 07, 2018 / Tina Reed
Share prices for Dublin, Ohio-based Cardinal Health Inc. jumped on Monday after the company's fourth-quarter earnings report beat analysts' expectations. Cardinal, a $137 billion healthcare services company, which specializes in the distribution of pharmaceuticals and medical products, reported revenues of $35 billion for fourth-quarter fiscal 2018, up 7% from the fourth quarter last year. Its 2018 revenues were up 5% from fiscal 2017. The company reported a fourth-quarter loss of $1.1 billion primarily due to a $1.4 billion charge it took to write down the performance of its cardiovascular products subsidiary Cordis Corp. "We encountered a couple of unexpected challenges in fiscal 18 and we are addressing those issues," said Cardinal CEO Mike Kaufmann.