McKesson (MCK: Quote) is seeing its stock rise before the opening bell on Tuesday, boosted by the release of quarterly results. The company announced a loss for its third fiscal quarter, but stripping out a litigation charge, the firm recorded a profit that was significantly higher than last year.
McKesson also raised its guidance for the full year.
On the news, the stock is trading at $42.98 at about 8:30 am Eastern Time, up from Monday's close of $40.40. With the advance, the stock is poised to open at its highest level since October.
Third quarter net loss for McKesson was $20 million or $0.07 per share, compared to a net income of $201 million or $0.68 per share in the prior-year quarter.
Results for the quarter include a litigation charge of $493 million, or $1.14 per share. Excluding the charge, McKesson would have earned $291 million or $1.05 per share, an increase of 54% over the prior year.
Looking ahead to 2009, McKesson now sees earnings in the range of $4.15 to $4.30 per share, up from the prior forecast range of $3.08 to $3.25 per share. Analysts' currently expect the company to earn $4.03 per share for the year. Forecast excludes AWP litigation charge.
Click here to receive FREE breaking news email alerts for McKesson Corp. and others in your portfolio
by RTT Staff Writer
For comments and feedback: email@example.com