Summary
AmerisourceBergen Corporation (now Cencora, Inc.) filed an 8-K on October 30, 2008, primarily detailing its financial results for the fiscal quarter and year ended September 30, 2008. A significant event reported was the completion of the sale of its PMSI workers' compensation business, which was categorized as a discontinued operation. This divestiture is a key strategic move impacting the company's operational focus. Furthermore, the company provided its initial outlook for fiscal year 2009. Investors can anticipate projected diluted earnings per share growth of 7% to 12%, ranging from $3.08 to $3.25. This guidance is underpinned by expectations of modest revenue growth, operating margin expansion, and a robust free cash flow generation. The company also indicated plans for a substantial share repurchase program, subject to board approval and market conditions, signaling a commitment to returning value to shareholders.
Key Highlights
- 1AmerisourceBergen announced the sale of its PMSI workers’ compensation business to H.I.G. Capital, LLC, classifying it as a discontinued operation.
- 2The company reported its earnings for the fiscal quarter and year ended September 30, 2008.
- 3Projected diluted earnings per share (EPS) for fiscal year 2009 are expected to range from $3.08 to $3.25, representing a 7% to 12% increase over fiscal year 2008.
- 4Fiscal year 2009 revenue growth is anticipated to be between 1% and 3%.
- 5The company expects operating margin expansion in the low to mid-single digit basis point range for fiscal year 2009.
- 6Free cash flow for fiscal year 2009 is projected to be between $460 million and $535 million.
- 7AmerisourceBergen plans to repurchase approximately $350 million of its common shares in fiscal year 2009, pending board approval and market conditions.