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Cencora
🇺🇸 NYSE:COR
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Jun 30, 2024

Cencora Q3 2024 Earnings Report

Revenue increased by 10.9% year-over-year, with GAAP diluted EPS at $2.42 and adjusted diluted EPS at $3.34, leading to an updated guidance range for fiscal year 2024.

Key Takeaways

Cencora reported a strong third quarter in fiscal year 2024, with revenue reaching $74.2 billion, a 10.9% increase year-over-year. Adjusted diluted EPS increased by 14.4% to $3.34. The company has raised its fiscal year 2024 adjusted diluted EPS guidance to a range of $13.55 to $13.65.

Revenue increased by 10.9% year-over-year to $74.2 billion.

GAAP diluted EPS was $2.42, compared to $2.35 in the prior year.

Adjusted diluted EPS increased by 14.4% to $3.34, from $2.92 in the prior year.

Fiscal year 2024 adjusted diluted EPS guidance has been raised to $13.55 to $13.65.

Total Revenue
$74.2B
Previous year: $66.9B
+10.9%
EPS
$3.34
Previous year: $2.92
+14.4%
Effective Tax Rate
22.4%
Previous year: 21.3%
+5.2%
Adjusted Effective Tax Rate
21%
Gross Profit
$2.41B
Previous year: $2.3B
+4.8%
Cash and Equivalents
$3.31B
Previous year: $1.39B
+138.0%
Free Cash Flow
$2.36B
Previous year: $641M
+268.3%
Total Assets
$66.8B
Previous year: $61.2B
+9.1%

Cencora

Cencora

Forward Guidance

Cencora is updating its fiscal year 2024 financial guidance to reflect expected continued strong business performance in the U.S. Healthcare Solutions segment, tapered expectations in the International Healthcare Solutions segment and a lower net interest expense.

Positive Outlook

  • Revenue growth to be approximately 12 percent, from the previous range of 10 to 12 percent.
  • U.S. Healthcare Solutions revenue growth to be in the range of 12 to 13 percent, from the previous range of 11 to 13 percent.
  • International Healthcare Solutions revenue growth to be in the range of 4 to 6 percent, from the previous range of 4 to 7 percent.
  • Adjusted diluted earnings per share to be in the range of $13.55 to $13.65, up from the previous range of $13.35 to $13.55.
  • Adjusted free cash flow to be in the range of $2.5 billion to $3.0 billion, up from the previous expectation of approximately $2.5 billion.

Challenges Ahead

  • Tapered expectations in the International Healthcare Solutions segment
  • Company does not provide forward-looking guidance on a GAAP basis.
  • Weighted average diluted shares outstanding are expected to be under 201 million, from the previous range of approximately 201 to 202 million
  • Net interest expense to be in the range of $170 million to $190 million, from the previous range of $185 million to $215 million.
  • Adjusted consolidated operating income growth to be in the range of 10 to 11 percent, from the previous range of 9 to 11 percent

Company Overview

Full financial data and analysis

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