Omnicare reverses loss for 4Q
Written on February 27, 2009
The pharmacy services company posted fourth-quarter net income of $31.7 million, or 27 cents per share, compared to a net loss of $20.8 million, or 17 cents per share, in fourth-quarter 2007.
Minus charges, Omnicare saw adjusted earnings per share of 66 cents, compared to a per-share loss of 3 cents year over year. Revenues were $1.6 billion, versus $1.56 billion. Analysts, on average, had expected earnings per share of 63 cents and revenues of $1.6 billion.
The 2007 quarter included a charge of $60.1 million after tax, or 50 cents per share, to increase the allowance for delinquent accounts, Omnicare said in a news release.
“In addition to the benefit of certain favorable trends in the pharmaceutical marketplace, the fourth quarter saw strong performance in our institutional pharmacy and specialty pharmacy business, progress in our productivity improvement and cost reduction initiatives,” said Joel Gemunder, president and CEO, in the release quick payday loan.
For the full year, Omnicare reported net income of $156.1 million, or $1.32 per share, versus $114.1 million, or 94 cents per share, in 2007. Revenues grew to $6.3 billion from $6.2 billion.
The company said it expects adjusted earnings per share of $2.50 to $2.70 for full-year 2009. Analysts had predicted earnings per share of $2.38, on average.
Shares of Omnicare (NYSE: OCR) opened at $27.53 Thursday.
Omnicare, headquartered in Covington, provides pharmacy and related services for the long-term care industry.
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