Cardinal Health (CAH) updated fiscal 2024 non-GAAP EPS guidance to the high end of $6.75 to $7.00 range. The company said the update is driven by anticipated favorability in fiscal 24 Interest and Other and Diluted Weighted Average Shares Outstanding, due to continued strong cash flow generation, resulting in higher-than-expected cash balances, and the execution of a new $250 million accelerated share repurchase program in the second quarter. Also, the company reiterated long-term financial targets reflecting 12% to 14% growth of non-GAAP EPS.
Cardinal Health stated that it has completed a review of growth businesses within the Medical Segment, at-Home Solutions and OptiFreight Logistics, and has determined that investing in and further developing these businesses will drive the most significant long-term shareholder value creation for Cardinal Health.
The company also announced plans to realign business. Effective January 1, 2024, the company began operating under an updated enterprise operating and segment reporting structure, which includes two reportable segments Pharmaceutical and Specialty Solutions and Global Medical Products and Distribution. Nuclear and Precision Health Solutions, at-Home Solutions and OptiFreight Logistics will be reported as Other.
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