McKesson (NYSE: MCK) reported Q1 EPS of $2.90, $0.02 better than the analyst estimate of $2.88. Revenue for the quarter came in at $52.6 billion versus the consensus estimate of $52.9 billion.

• Revenues of $52.6 billion for the first quarter, up 3% year over year.
• First-quarter GAAP loss per diluted share from continuing operations of $(0.69).
• First-quarter Adjusted Earnings per diluted share of $2.90, up 18% year over year.
• Fiscal 2019 Outlook: Adjusted Earnings of $13.00 to $13.80 per diluted share.
• Board of Directors approved raising the quarterly dividend by 15% from 34 cents to 39 cents per share.

“McKesson’s first quarter adjusted earnings results were in line with our expectations. We are, however, disappointed by the recent government-initiated reimbursement cuts in the U.K. These incremental cuts create ongoing challenges in our U.K. retail pharmacy business,” said John H. Hammergren, chairman and chief executive officer. “During the quarter, we began executing against our multi-year strategic growth initiative, which included our acquisition of Medical Specialties Distributors. And I am pleased with the initial progress made on transforming our operating model, which will allow us to become a more efficient organization, and drive savings that will help fund investments in our priority growth areas.”

GUIDANCE:

McKesson sees FY2019 EPS of $13.00-$13.80, versus the consensus of $13.41.

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