IRVING, Texas (AP) _ McKesson Corp. (MCK) on Wednesday reported fiscal fourth-quarter net income of $1.02 billion, after reporting a loss in the same period a year earlier.
The Irving, Texas-based company said it had profit of $5.85 per share. Earnings, adjusted for one-time gains and costs, came to $4.27 per share.
The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $4.10 per share.
The prescription drug distributor posted revenue of $58.54 billion in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $55.42 billion.
For the year, the company reported profit of $900 million, or $4.95 per share. Revenue was reported as $231.05 billion.
McKesson expects full-year earnings in the range of $13.95 to $14.75 per share.
McKesson shares have increased almost 5% since the beginning of the year, while the Standard & Poor's 500 index has declined 9.5%. The stock has risen 14% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MCK at https://www.zacks.com/ap/MCK
Automated Insights, source Associated Press News