EARNINGS ROUNDUP / McKESSON
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Drug distributor McKesson Corp. posted an 8% drop in fiscal fourth-quarter profit after the company wrote down the value of an investment and reported flat sales that missed Wall Street’s expectations.
McKesson said its profit decreased to $281 million, or $1.01 a share, from $307 million, or $1.05, a year earlier.
The latest quarter includes a charge of $59 million, or 22 cents a share, to write down the value of its investment in Parata Systems and a tax-related gain of $22 million, or 8 cents.
Revenue was essentially flat at $26.22 billion.
Analysts had expected $1.15 a share in profit and $27.3 billion in revenue, according to a Thomson Reuters survey.
McKesson shares rose $1.18 to $39.11.
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