Cardinal Health Reports Second Quarter Results, Revises E...( -- Revenue increases 7...),Health

-- Revenue increases 7 percent to $23 billion

-- Diluted earnings per share from continuing operations increase 16 percent to $0.89 per share; Non-GAAP diluted EPS from continuing operations

increase 8 percent to $0.90 per share

-- Full year Non-GAAP EPS now expected to be $3.75 to $3.85

-- Renews three-year, multi-billon-dollar Walgreens contract

DUBLIN, Ohio, Jan. 29 /PRNewswire-FirstCall/ -- Cardinal Health, a global provider of products and services that improve the safety and productivity of health care, today reported a revenue increase of 7 percent to $23 billion during its second quarter, with earnings per share (EPS) rising 16 percent to $0.89. On a non-GAAP basis, EPS for the quarter ended Dec. 31 grew 8 percent to $0.90(1).

The company also announced a revision to its full year EPS outlook based on several factors affecting its largest operating segment in the second half of the year. Cardinal Health now expects non-GAAP EPS to be in a range of $3.75 to $3.85 for the year, an increase of 10 percent to 13 percent over the prior year.

"We have three of our four operating segments performing on track, showing favorable revenue growth, expanding margins and segment profit that is at or above our guidance for the current year," said R. Kerry Clark, chairman and chief executive officer of Cardinal Health. "Within our supply chain pharmaceutical segment, we have revised our forecast to account for the impact of anti-diversion measures for controlled substances, changes in our expectations for branded price increases and the generics market, and the effect of contract repricings. We still expect double-digit EPS growth for the year and are resolved to strengthen the business as we fix the issues that have hampered our performance.

"We continue to engage in discussions with the DEA to resolve matters affecting three of our pharmaceutical distribution centers regarding the
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