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Drug distributor Cardinal's profit falls 63 pct
November 6, 2017 / 11:56 AM / 16 days ago

Drug distributor Cardinal's profit falls 63 pct

Nov 6 (Reuters) - U.S. drug distributor Cardinal Health’s quarterly profit fell nearly 63 percent, hurt by restructuring costs related to an agreement to directly distribute surgeon gloves in some markets.

Cardinal said on Monday net earnings attributable to the company fell to $115 million or 36 cents per share in the first quarter ended Sept. 30, from $309 million or 96 cents per share, a year earlier.

The company spent $132 million on restructuring and employee severance in the latest quarter, compared with $9 million last year.

Cardinal’s net sales rose about 2 percent to $32.64 billion. (Reporting by Manas Mishra in Bengaluru; Editing by Sai Sachin Ravikumar)

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