Cardinal Health posts 8% growth in Q1

Cardinal Health on Thursday reported its first quarter fiscal year 2019 results, posting revenues of $35.2 billion — an increase of 8% from the same period last year.

For the quarter, GAAP diluted earnings per share increased 439% to $1.94, while non-GAAP diluted EPS increased 18% to $1.29.

"We are pleased that the first quarter provided a solid start to fiscal year 2019," Cardinal Health CEO Mike Kaufmann said. "Operating performance came in as expected, and we are on track in executing on our strategic initiatives to deliver increased value to our shareholders, our customers and their patients. We look forward to making further strides over the balance of the year and building on Cardinal Health's essential role in health care."

First-quarter revenue for theDublin,Ohio-based company's pharmaceutical segment increased 9% to $31.4 billion, due to sales growth from pharmaceutical distribution and specialty solutions customers, partially offset by the divestiture of the company’s China distribution business, the company said.

Segment profit for the quarter decreased 12% to $409 million, which reflects the negative impact from the company’s generic program performance, according to the company.

First-quarter revenue of the medical segment increased 2% to $3.8 billion, which was driven primarily by new and existing customers, Cardinal Health said.