AmerisourceBergen Raises FY23 Outlook
(RTTNews) - AmerisourceBergen Corp. (ABC) raised fiscal 2023 adjusted EPS guidance to a range of $11.85 to $11.95, from the previous range of $11.70 to $11.90. The company now expects revenue growth to be at least 8 percent, up from the previous range of 6 to 8 percent. Adjusted free cash flow is projected to be at least $2 billion, revised from the previous guidance of approximately $2 billion.
Third quarter GAAP earnings was $479.58 million, or $2.35 per share compared with $406.96 million, or $1.92 per share, prior year. Adjusted EPS increased 11.5 percent to $2.92 from $2.62. Analysts on average had expected the company to earn $2.82 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
Third quarter revenue increased 11.5 percent year-over-year to $66.9 billion, reflecting a 12.2 percent increase in revenue within U.S. Healthcare Solutions and a 5.6 percent increase in revenue within International Healthcare Solutions.
The company's Board declared a quarterly cash dividend of $0.485 per common share, payable August 28, 2023, to stockholders of record at the close of business on August 11, 2023.
Effective August 30, 2023, AmerisourceBergen will begin operating as Cencora and will begin trading on the NYSE under the ticker symbol, COR.
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