McKesson (MCK) Tops Q2 EPS Views; Approves New $2B Buyback Plan

(Updated - October 29, 2015 7:45 AM EDT)

McKesson (NYSE: MCK) reported Q2 EPS of $3.31, $0.29 better than the analyst estimate of $3.02. Revenue for the quarter came in at $48.6 billion versus the consensus estimate of $47.85 billion.

McKesson's Board of Directors also authorized a new $2 billion common stock buyback plan today.

“

McKesson delivered solid results during the first six months of our fiscal year. In addition to the strong operating performance across our businesses in the second quarter, we repurchased approximately 2.5 million shares totaling nearly $500 million, announced the acquisition of the UK pharmacy operations of Sainsbury’s and the acquisition of the pharmaceutical distribution business of United Drug Group in Ireland. At its recent meeting, our Board of Directors also authorized a new $2 billion share repurchase program and we remain exceptionally well positioned to continue to execute our portfolio approach to capital deployment. We were also privileged to be selected by Albertsons as its pharmaceutical sourcing and distribution partner across all of its U.S. brands. I am confident in the strength and scale of our global value proposition for our customers and our manufacturing partners, and I am excited about the opportunities across our diversified portfolio of businesses,” said John H. Hammergren, chairman and chief executive officer.

Guidance:

McKesson sees FY2016 EPS of $12.50 - $13.00, versus the consensus of $12.69.

For earnings history and earnings-related data on McKesson (MCK) click here.

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