Cardinal Health stock tumbles to pace S&P 500 losers, after big Q4 profit miss and downbeat outlook

Shares of Cardinal Health Inc. CAH, -14.28% tumbled 13.7% toward a nine-month debased successful day trading Thursday, aft the distributor of drugs and laboratory products reported a large fiscal fourth-quarter net miss, and provided a downbeat outlook, arsenic results were wounded by a $197 cardinal COVID-related inventory reserve, related to idiosyncratic protective equipment. The stock, which paced the S&P 500's SPX, +0.60% decliners, was besides connected way to endure the biggest one-day selloff since May 2018. Net income for the 4th to June 30 fell to $116 million, oregon 40 cents a share, from $656 million, oregon $2.23 a share, successful the year-ago period. Excluding nonrecurring items, adjusted net per stock came to 77 cents, missing the FactSet statement of $1.20. Revenue grew 16% to $42.59 billion, topping the FactSet statement of $40.39 billion. Pharmaceutical gross accrued 15% to $38.3 billion, topping expectations of $36.7 billion, portion aesculapian gross grew 23% to $4.2 cardinal but came up abbreviated of expectations of $4.28 billion. For fiscal 2022, the institution expects adjusted EPS of $5.60 to $5.90, portion the existent FactSet EPS statement $6.13. The banal has shed 4.9% twelvemonth to date, portion the SPDR Health Care Select Sector ETF XLV, -0.39% has rallied 17.0% and the S&P 500 SPX, +0.60% has precocious 17.7%.