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Cerner Q1 Profit Beats Estimates; Increases Earnings Outlook

Cerner Corp. (CERN) reported first quarter adjusted EPS of $0.76, up 7% compared to $0.71, last year. On average, 19 analysts polled by Thomson Reuters expected the company to report profit per share of $0.74, for the quarter. Analysts' estimates typically exclude special items. GAAP EPS was $0.56, up 19% compared to $0.47.

First quarter revenue was $1.388 billion, down 2% compared to $1.412 billion, prior year. Analysts expected revenue of $1.4 billion, for the quarter.

For 2021, the company now expects adjusted EPS of more than $3.20, which reflects an increase compared to the prior range of $3.10 to $3.20. Revenue growth is anticipated in the mid-single digits.

For second quarter, the company expects adjusted EPS growth of approximately 20%. Revenue growth is projected in the high-single digits.

Cerner also announced that its Board has approved a new share repurchase program, which allows the company to repurchase up to $3.75 billion through Dec. 31, 2023.

Cerner also announced that Brent Shafer and the Board have initiated a process to identify the next CEO. The Board has formed a CEO search committee and has retained a leading executive search firm to launch a market search. Shafer plans to serve as chairman and CEO until the Board has appointed a successor, after which he will serve as a senior advisor for one year.

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