NEW YORK - Cencora, Inc. (NYSE: COR) reported better-than-expected fourth quarter results on Tuesday and announced an 8% increase to its quarterly dividend.
The pharmaceutical solutions company posted adjusted earnings per share of $3.34, surpassing analyst estimates of $3.22. Revenue rose 14.7% year-over-year to $79.1 billion, also beating expectations of $77.59 billion.
"Cencora took important steps forward in fiscal 2024 as we continued to evolve our global enterprise through the advancement of our pharmaceutical distribution capabilities and execute on our strategy," said Bob Mauch, President and CEO of Cencora.
For the full fiscal year 2024, Cencora reported revenue of $294.0 billion, up 12.1% from the prior year. Adjusted EPS for the year increased 14.8% to $13.76.
The company's U.S. Healthcare Solutions segment saw revenue growth of 15.7% in Q4, while International Healthcare Solutions revenue increased 5.5%.
Looking ahead, Cencora introduced fiscal 2025 guidance, projecting revenue growth of 7-9% and adjusted EPS of $14.80-$15.10. The company expects adjusted operating income to grow 5-6.5% next year.
Additionally, Cencora announced it will raise its quarterly dividend by 8% to $0.55 per share. The increased dividend is payable November 29 to shareholders of record as of November 15.
"As we move into fiscal 2025, we are leading with a customer-centric approach, embracing an enterprise-powered mindset and a focus on learning to ensure we remain a differentiated healthcare solutions provider," Mauch added.
Cencora shares were little changed in after-hours trading following the earnings release.
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