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.
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by RTT Staff Writer
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