SAN DIEGO, Nov. 7, 2011 /PRNewswire/ -- CareFusion today reported results for the quarter ended Sept. 30, 2011.
"Our revenue and adjusted earnings per share growth for the quarter was driven by increased sales in our Dispensing Technologies and Infusion Systems businesses and the benefit from a lower tax rate," said Kieran Gallahue, chairman and CEO. "During the quarter, we transitioned from our stand-up phase to our foundation building stage, and made progress in our efforts to simplify how we do business and invest in areas to help expand margins and accelerate our top line growth.
Today, we are reaffirming our full-year adjusted diluted earnings per share guidance for fiscal 2012 of $1.80 to $1.90 and revenue growth of 3 to 5 percent over fiscal 2011 on a constant currency basis."
CareFusion's reported results compare to the quarter ended Sept. 30, 2010.
First Quarter ResultsRevenue for the first quarter of fiscal 2012 increased 4 percent to $844 million on a reported basis and 3 percent on a constant currency basis, driven primarily by increased sales in the Dispensing Technologies and Infusion Systems businesses. Operating income was $108 million and income from continuing operations was $67 million, or $0.30 per diluted share. Excluding nonrecurring items, adjusted operating income increased $1 million to $119 million and adjusted income from continuing operations increased $12 million to $76 million, or $0.33 per diluted share. The adjusted tax rate for the quarter was 19.8 percent, primarily driven by a discrete onetime $5 million United Kingdom tax refund related to pre-spinoff periods from Cardinal Health.
CareFusion's financial results were negatively impacted during the quarter by an increase in recall reserves in the company's Medical Systems segment. The company recorded a $12 million charge, or approximately $0.04 per share, the majority of which is related to expenses incurred and future expected costs
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