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Cardinal Health Sees FY22 Adj. Earnings Below Market; Raises Enterprise Cost Savings Target

While announcing weak profit and higher revenues in fourth quarter, Cardinal Health Inc. (CAH) Thursday said it expects fiscal 2022 adjusted earnings per share between $5.60 and $5.90. In fiscal 2021, the company reported adjusted earnings per share of $5.57.

On average, 16 analysts polled by Thomson Reuters expect earnings of $5.99 per share for the year. Analysts' estimates typically exclude special items

Mike Kaufmann, CEO of Cardinal Health, said, "We're disappointed with our fourth quarter results.... With the actions we've taken to date and our plans for fiscal year 2022, we feel confident in our strategy, and are encouraged by the tailwinds behind our growth areas and strong cash flow generation."

Further, the company said it is increasing enterprise cost savings target by an additional $250 million to $750 million by fiscal year 2023.

In pre-market activity on NYSE, Cardinal Health shares were losing around 6.3 percent to trade at $55.25.

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