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06.08.2020 13:00
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Cardinal Health Reports Fourth Quarter and Full Year Results for Fiscal Year 2020
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PR Newswire
DUBLIN, Ohio, Aug. 6, 2020
DUBLIN, Ohio, Aug. 6, 2020 /PRNewswire/ -- Cardinal Health (NYSE: CAH) today reported fourth quarter fiscal year 2020 revenues of $36.7 billion, a decrease of 2 percent from the fourth quarter last year. GAAP operating earnings were $270 million and non-GAAP operating earnings were $442 million in the quarter, both of which include an estimated net negative impact of approximately $130 million due to the COVID-19 pandemic. GAAP diluted earnings per share (EPS) were $2.23, which included a pre-tax gain of $579 million related to the divestiture of a minority equity interest. Fourth quarter non-GAAP diluted EPS were $1.04.
Fiscal 2020 revenues were $152.9 billion, an increase of 5 percent from fiscal 2019. GAAP operating loss of $4.1 billion includes a $5.6 billion accrual in the first quarter related to opioid litigation. Non-GAAP operating earnings were $2.4 billion for the year. GAAP diluted loss per share for fiscal year 2020 was $12.61, while non-GAAP diluted EPS were $5.45.
"In fiscal 2020, we delivered on our commitments, grew operating earnings and exceeded our EPS guidance, despite the unprecedented global environment," said Mike Kaufmann, CEO of Cardinal Health. "We play an essential role in healthcare, and I'd like to thank our employees, especially our frontline teams, for their dedication under the challenging circumstances of the past several months. Our strong performance in fiscal 20 and the unwavering commitment of our employees will enable us to manage the complexities ahead, serve our customers and their patients, and continue our growth."
Q4 and full year FY20 summary
| | Q4 FY20 | Q4 FY19 | Y/Y | FY20 | FY19 | Y/Y |
| Revenue | $36.7 billion | $37.4 billion | (2)% | $152.9 billion | $145.5 billion | 5% |
| | | | | | | |
| Operating earnings/(loss) | $270 million | $307 million | (12)% | $(4.1) billion | $2.1 billion | N.M. |
| Non-GAAP operating earnings | $442 million | $507 million | (13)% | $2.4 billion | $2.4 billion | 1% |
| | | | | | | |
| Net earnings/(loss) attributable to | $656 million | $194 million | N.M. | $(3.7) billion | $1.4 billion | N.M. |
| Non-GAAP net earnings attributable | $305 million | $334 million | (9)% | $1.6 billion | $1.6 billion | 1% |
| | | | | | | |
| Effective Tax Rate | 19.4% | 18.4% | - | 2.1%2 | 22.1% | - |
| Non-GAAP Effective Tax Rate | 26.4% | 23.7% | - | 25.1% | 22.1% | - |
| | | | | | | |
| Diluted EPS attributable to | $2.23 | $0.65 | N.M. | $(12.61) | $4.53 | N.M. |
| Non-GAAP diluted EPS attributable | $1.04 | $1.11 | (6)% | $5.45 | $5.28 | 3% |
COVID-19
The COVID-19 pandemic adversely affected fourth quarter and fiscal year 2020 results. The negative impact was primarily due to the decline in volumes in both segments related to the cancellation or deferral of elective procedures and physician office visits. The company estimates that the COVID-19 pandemic had a net negative impact to both GAAP and non-GAAP operating earnings of approximately $130 million in the fourth quarter and approximately $100 million in fiscal year 2020.
Segment results
Pharmaceutical segment
| | Q4 FY20 | Q4 FY19 | Y/Y | FY20 | FY19 | Y/Y |
| Revenue | $33.2 billion | $33.4 billion | 0% | $137.5 billion | $129.9 billion | 6% |
| Segment profit | $359 million | $447 million | (20)% | $1.8 billion | $1.8 billion | (4)% Werbung Mehr Nachrichten zur Cardinal Health Aktie kostenlos abonnieren
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