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Cardinal Health Inc (CAH) SEC Filing 10-K Annual Report for the fiscal year ending Friday, June 30, 2023

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Cardinal Health Inc

HISTORY TOOLS
CIK: 721371 Ticker: CAH

Exhibit 99.1

 

LOGO

FOR IMMEDIATE RELEASE

Cardinal Health Reports Third Quarter Fiscal Year 2023 Results

and Raises Fiscal Year 2023 Non-GAAP EPS Guidance

 

  •  

Revenue increased 13% to $50.5 billion

 

  •  

GAAP1 operating earnings were $572 million; GAAP diluted EPS was $1.34

 

  •  

Non-GAAP operating earnings increased 11% to $606 million; non-GAAP diluted EPS increased 20% to $1.74

 

  •  

Fiscal year 2023 non-GAAP EPS guidance raised and narrowed to $5.60 to $5.80, from $5.20 to $5.50

 

  •  

Fiscal year 2023 adjusted free cash flow guidance raised and narrowed to $2.0 to $2.3 billion, from $1.5 to $2.0 billion

DUBLIN, Ohio, May 4, 2023 – Cardinal Health (NYSE: CAH) today reported third quarter fiscal year 2023 revenues of $50.5 billion, an increase of 13% from the third quarter of fiscal year 2022. Third quarter GAAP operating earnings were $572 million and GAAP diluted earnings per share (EPS) were $1.34. Third quarter non-GAAP operating earnings increased 11% to $606 million due to a significant increase in Pharmaceutical segment profit, partially offset by a decline in Medical segment profit. Non-GAAP diluted EPS increased 20% to $1.74, reflecting the improvement in non-GAAP operating earnings, a lower share count and lower interest expense, partially offset by a higher non-GAAP effective tax rate.

“Our third quarter results were led by continued momentum and growth in the Pharmaceutical segment,” said Jason Hollar, CEO of Cardinal Health. “With the strong overall performance in the quarter, we are pleased to raise our full year non-GAAP EPS guidance by $0.35 at the midpoint. In Medical, we continue to see improvement in underlying performance and remain confident in our Medical Improvement Plan initiatives. Across the enterprise, we continue to operate with urgency to drive our businesses forward and create value for our shareholders.”

Q3 FY23 summary

 

     Q3 FY23  

Q3 FY22

    Y/Y

Revenue

    $50.5 billion   $44.8 billion    13%

Operating earnings/(loss)

    $572 million   $(97) million    N.M.

Non-GAAP operating earnings

    $606 million   $545 million    11%

Net earnings/(loss) attributable to Cardinal Health, Inc.

    $345 million   $(1,391) million    N.M.

Non-GAAP net earnings attributable to Cardinal Health, Inc.

    $447 million   $402 million    11%

Effective Tax Rate2

    36.3%   (916.5)%   

Non-GAAP Effective Tax Rate

    22.4%   20.1%   

Diluted EPS attributable to Cardinal Health, Inc.

    $1.34   $(5.05)    N.M.

Non-GAAP diluted EPS attributable to Cardinal Health, Inc.

    $1.74   $1.45    20%

The following information was filed by Cardinal Health Inc (CAH) on Thursday, May 4, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Earnings
Consolidated Statements Of Shareholders' Equity
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (Assets Held For Sale) (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Components Of Property And Equipment) (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Narrative, Dividends) (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Narrative, Goodwill And Other Intangible Assets) (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Narrative, Inventories) (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Narrative, Major Customers) (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Narrative, Property And Equipment) (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Narrative, Receivables) (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Narrative, Sales Returns And Allowances) (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Narrative, Shipping And Handling) (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Narrative, Vendor Reserves) (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (Revenue And Gross Trade Receivables Percentage By Major Customers) (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Tables)
Basis Of Presentation And Summary Of Significant Accounting Policies Loss Contingencies (Details)
Commitments, Contingent Liabilities And Litigation
Commitments, Contingent Liabilities And Litigation (Details)
Divestitures And Acquisitions
Divestitures And Acquisitions (Narrative) (Details)
Earnings Per Share Attributable To Cardinal Health, Inc.
Earnings Per Share Attributable To Cardinal Health, Inc. (Narrative) (Details)
Earnings Per Share Attributable To Cardinal Health, Inc. (Reconciliation Of Common Shares Used To Compute Basic And Diluted Eps) (Details)
Earnings Per Share Attributable To Cardinal Health, Inc. (Tables)
Fair Value Measurements
Fair Value Measurements (Fair Value Of Assets And Liabilities Measured On A Recurring Basis) (Details)
Fair Value Measurements (Tables)
Financial Instruments
Financial Instruments (Narrative) (Details)
Financial Instruments (Schedule Of Fair Value Gain Loss Derivative Instrument) (Details)
Financial Instruments (Schedule Of Gain/(Loss) Included In Aoci For Derivative Instruments Designated As Cash Flow Hedges) (Details)
Financial Instruments (Schedule Of Gain/(Loss) Reclassified From Aoci Into Earnings For Derivative Instruments Designated As Cash Flow Hedges) (Details)
Financial Instruments (Schedule Of Gain/(Loss) Recognized In Earnings For Derivatives Not Designated As Hedging Instrument) (Details)
Financial Instruments (Schedule Of Gain/(Loss) Recognized In Earnings For Interest Rate Contracts Designated As Fair Value Hedges) (Details)
Financial Instruments (Schedule Of Outstanding Instruments, Cash Flow Hedges) (Details)
Financial Instruments (Schedule Of Outstanding Instruments, Economic Hedges) (Details)
Financial Instruments (Schedule Of Outstanding Instruments, Fair Value Hedges) (Details)
Financial Instruments (Schedule Of The Fair Value Of Assets And Liabilities Related To Derivatives Designated As Hedging Instruments) (Details)
Financial Instruments (Summary Of Estimated Fair Value Of Long-Term Obligations And Other Short-Term Borrowings) (Details)
Financial Instruments (Tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Narrative) (Details)
Goodwill And Other Intangible Assets (Schedule Of Goodwill By Reportable Segment) (Details)
Goodwill And Other Intangible Assets (Schedule Of Intangible Assets) (Details)
Goodwill And Other Intangible Assets (Tables)
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Schedule Of Components Of Income Tax Expense (Benefit), Current And Deferred) (Details)
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities After Netting By Tax Jurisdiction) (Details)
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details)
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details)
Income Taxes (Schedule Of Income Before Income Tax, Domestic And Foreign) (Details)
Income Taxes (Schedule Of Unrecognized Tax Benefits Roll Forward) (Details)
Income Taxes (Tables)
Leases
Leases (Details)
Leases (Tables)
Leases Schedule Of Future Lease Payments (Details)
Leases Schedule Of Lease Costs (Details)
Leases Supplemental Balance Sheet Information (Details)
Leases Supplemental Cash Flow Information (Details)
Long-Term Obligations And Other Short-Term Borrowings
Long-Term Obligations And Other Short-Term Borrowings (Tables)
Long-Term Obligations And Other Short-Term Borrowings Long-Term Debt (Details)
Long-Term Obligations And Other Short-Term Borrowings Narrative (Details)
Long-Term Obligations And Other Short-Term Borrowings Other Financing Arrangements (Details)
Long-Term Obligations And Other Short-Term Borrowings Summary Of Debt (Details)
Restructuring And Employee Severance
Restructuring And Employee Severance (Activity Related To Restructuring And Employee Severance Costs) (Details)
Restructuring And Employee Severance (Liabilities Associated With Restructuring And Employee Severance Activities) (Details)
Restructuring And Employee Severance (Tables)
Schedule Ii - Valuations And Qualifying Accounts
Schedule Ii - Valuations And Qualifying Accounts (Details)
Segment Information
Segment Information (Assets By Reportable Segment) (Details)
Segment Information (Depreciation And Amortization And Additions To Property And Equipment By Reportable Segment) (Details)
Segment Information (Narrative) (Details)
Segment Information (Revenue By Reportable Segment) (Details)
Segment Information (Segment Profit By Reportable Segment) (Details)
Segment Information (Tables)
Segment Information Property And Equipment, Net By Geographic Area) (Details)
Share-Based Compensation
Share-Based Compensation (Additional Data Related To Performance Share Unit Activity) (Details)
Share-Based Compensation (Additional Data Related To Restricted Share Unit Activity) (Details)
Share-Based Compensation (Narrative) (Details)
Share-Based Compensation (Schedule Of All Transactions Related To Performance Share Units Under The Plans) (Details)
Share-Based Compensation (Schedule Of All Transactions Related To Restricted Share Units Under The Plans) (Details)
Share-Based Compensation (Schedule Of Total Share-Based Compensation Expense By Type Of Award) (Details)
Share-Based Compensation (Tables)
Shareholders' Equity
Shareholders' Equity (Changes In The Accumulated Other Comprehensive Income (Loss)) (Details)
Shareholders' Equity (Narrative) (Details)
Shareholders' Equity (Tables)
Ticker: CAH
CIK: 721371
Form Type: 10-K Annual Report
Accession Number: 0000721371-23-000060
Submitted to the SEC: Tue Aug 15 2023 8:50:31 AM EST
Accepted by the SEC: Tue Aug 15 2023
Period: Friday, June 30, 2023
Industry: Wholesale Drugs Proprietaries And Druggists Sundries

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