McKesson’s shares jump after beating earnings expectations

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Shares of McKesson Corp. gained 3.99% in premarket trading on Tuesday after it beat earnings expectations for the quarter. The drug distributor had earnings of $627 million, or $3.54 per share, in the second quarter of 2021, compared with a loss of $677 million, or a per-share loss of $3.99, in the same quarter a year ago. It had adjusted earnings per share of $4.80, compared with the FactSet consensus of $3.87. The company reported revenue of $60.8 billion for the third quarter, up 6% from $57.6 billion in the like period last year. It attributed the growth to its U.S. pharmaceutical business, citing higher volumes and “market growth.” The FactSet consensus was $59.4 billion. The company updated its guidance range for adjusted earnings per share of $16.00 to $16.50 in 2021, up from a previous range of $14.70 to $15.50. McKesson’s stock has gained 9.9% so far this year, while the S&P 500 is up 2.4%.
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