McKesson Corp. said its adjusted earnings for the fiscal fourth quarter ended March 31 amounted to $3.49 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $3.57 per share.
EPS rose year over year from $3.41.
Adjusted earnings totaled $720.0 million on an aggregate basis, a decline from $730.0 million in the prior-year period.
Revenues climbed 6.0% on an annual basis to $51.63 billion from $48.71 billion.
On a GAAP basis, McKesson reported a loss of $1.15 billion, or $5.58 per share, compared with an income of $3.60 billion, or $16.79 per share, in the year-earlier period.
Fiscal 2018 results
For the year, the company's adjusted earnings per share totaled $12.62, compared with the S&P Capital IQ consensus normalized EPS estimate of $12.67.
EPS was $12.54 in the prior year.
Adjusted earnings were $2.64 billion on an aggregate basis, a fall from $2.80 billion in the prior year.
Full-year revenues increased year over year to $208.36 billion from $198.53 billion.
The company said GAAP earnings decreased 98.8% on an annual basis to $62.0 million, or 30 cents per share, from $5.19 billion, or $23.28 per share.
McKesson attributed the decrease in fiscal fourth-quarter and full-year GAAP earnings to noncash goodwill and long-lived asset impairment charges in the company's European and Canadian retail businesses. The medical supplier's prior-year results also included an after-tax net gain of $3 billion related to the creation of the Change Healthcare Holdings Inc. joint venture.
McKesson expects adjusted EPS in the range of $13 to $13.80 for fiscal 2019.
Stock repurchase
In separate news, McKesson CEO John Hammergren said the company's board has authorized an additional $4 billion share repurchase program. The company repurchased approximately $1.7 billion of its stock during fiscal 2018.
