Wholesale drug distributor AmerisourceBergen Corp. (ABC) said Monday that its Executive Vice President and Chief Financial officer, Michael DiCandilo, has left the company to pursue other interests. Tim Guttman, the company's Vice President and Corporate Controller since 2002, will serve as acting CFO, effective immediately. The Pennsylvania-based company also said it has engaged an executive search firm to manage the recruitment of a new CFO, and reaffirmed its financial outlook for fiscal year 2012.
DiCandilo has previously held a variety of positions in the company, including Chief Operating Officer of AmerisourceBergen Drug Corp., and Vice President and Corporate Controller.
DiCandilo joined the corporate office of the former AmeriSource in 1995 as Vice President, Controller after serving five years as regional Vice President of finance in the company's Thorofare, New Jersey facility.
In addition to overseeing the company's corporate finance functions, DiCandilo also had oversight of the corporate information technology function and the supply chain function. Prior to joining the former AmeriSource, he served eight years with Ernst & Young.
The acting CFO, Guttman, will assume responsibility for the company's core financial functions on an interim basis. He previously served as Vice President of finance for Syncor International, and held financial planning and financial services managerial positions at Disney Consumer Products, Pizza Hut, Inc. and PepsiCo, Inc (PEP). Guttman started his career as a certified public accountant with accounting firm Deloitte & Touche.
Looking ahead to fiscal year 2012, AmerisourceBergen continues to expect earnings per share in a range of $2.74 to $2.84 and flat to modest revenue growth. On average, analysts polled by Thomson Reuters expect the company to earn $2.81 per share for the year on revenues of $80.99 billion. Analysts' estimates typically exclude special items.
The company also reaffirmed its outlook for operating margin growth in the high single-digit to low double-digit basis points range and continues to expect to spend about $400 million to repurchase its common shares in fiscal year 2012.
In late January, AmerisourceBergen reported an increase in profit for the first quarter to $162.12 million or $0.62 per share from $160.5 million or $0.57 per share in the prior-year period. Revenue for the quarter rose to $20.36 billion from $19.89 billion in the year-ago period.
In Monday's regular session, ABC is trading at $37.90, down $0.70 or 1.81 percent on a volume of 850,335 shares.
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