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MarketScreener Homepage  >  Equities  >  Nyse  >  McKesson Corporation    MCK

MCKESSON CORPORATION

(MCK)
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McKesson Beats Expectations for 4Q, Warns of Covid-19 Challenges Ahead

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05/20/2020 | 07:50am EDT

By Micah Maidenberg

 

McKesson Corp. warned that it believes a key profit metric will slip and revenue growth will slow in its new fiscal year as the drug distributor wrestles with the Covid-19 pandemic.

Net income in the fiscal fourth quarter that ended in March rose to $1.02 billion, or $5.85 a share, from a loss of $796 million, or $4.17 a share, in the comparable period.

After adjustments, earnings per share rose to $4.27, surpassing the $4.10 a share consensus estimate, according to FactSet.

McKesson reported $58.54 billion in revenue, up 12% compared with the same quarter in 2019 and higher than the $55.54 billion that analysts expected, according to FactSet.

For its year that ended March 31, the company said it earned $14.95 a share in adjusted earnings. Revenue grew 8% year over year.

Looking ahead, McKesson said Wednesday it expects earnings, following adjustments, of $13.95 to $14.75 a share for its fiscal 2021 year and revenue growth of 2% to 4% during the period.

The new profit forecast "reflects anticipated headwinds in fiscal 2021 as a result of the Covid-19 pandemic and a continuation of disciplined, efficient capital deployment, including investments in the business," McKesson said.

The coronavirus has created some challenges for companies with businesses tied to pharmaceuticals. Executives at CVS Health Corp. said this month that new drug therapy starts dropped in April compared with the year before as Covid-19 kept patients from seeing their doctors.

 

Write to Micah Maidenberg at micah.maidenberg@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
CVS HEALTH CORPORATION 0.22% 64.7 Delayed Quote.-12.91%
LINE CORPORATION 1.83% 5570 End-of-day quote.4.11%
MCKESSON CORPORATION 1.21% 152.73 Delayed Quote.10.42%
THE NEW HOME COMPANY INC. 0.63% 3.2 Delayed Quote.-31.33%
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Financials (USD)
Sales 2021 236 B - -
Net income 2021 1 870 M - -
Net Debt 2021 2 045 M - -
P/E ratio 2021 13,2x
Yield 2021 1,12%
Capitalization 24 760 M 24 760 M -
EV / Sales 2020
EV / Sales 2021 0,11x
Nbr of Employees 70 000
Free-Float 59,5%
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 171,18 $
Last Close Price 152,73 $
Spread / Highest target 27,0%
Spread / Average Target 12,1%
Spread / Lowest Target -3,75%
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Managers
NameTitle
Brian Scott Tyler Chief Executive Officer & Director
Edward A. Mueller Chairman
Britt Vitalone Chief Financial Officer & Executive Vice President
Nancy Flores EVP, Chief Technology & Information Officer
M. Christine Jacobs Independent Director
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