The last time AmerisourceBergen (COR 1.22%) announced its quarterly results, there were some positives for investors. Revenue increased 12% year over year, and adjusted earnings per share (EPS) rose more than 3%.
Investors learned how AmerisourceBergen performed in the second quarter on Thursday when the company provided a quarterly update before the market opened. Here's what you need to know about the company's Q2 results.
By the numbers
AmerisourceBergen reported revenue in the second quarter of $43.3 billion. This reflected a 5.6% increase from the prior-year-period revenue total of $41 billion. The consensus among Wall Street analysts was for Q2 revenue of $43.63 billion.
The company announced GAAP EPS of $0.13 per share in the second quarter. This represented an 89.9% drop from the GAAP EPS of $1.29 per share reported in the same quarter of 2018.
On a non-GAAP adjusted basis, AmerisourceBergen's net income in the second quarter was $2.11 per share. This reflected an 8.8% jump from the prior-year period adjusted net income of $1.94 per share. Wall Street analysts estimated that AmerisourceBergen would post earnings of $1.95 per share in the quarter.
Behind the numbers
It probably was no surprise to investors that AmerisourceBergen had a good Q2 earnings report. The company has been growing its business consistently in recent quarters.
AmerisourceBergen's pharmaceutical distribution services segment did well this quarter, with an increase of 5.6% compared to the prior-year period. The segment's revenue growth stemmed primarily from the growth of several large customers, strong specialty product sales, and overall market growth.
The company's global commercialization services and animal health business also enjoyed a solid performance in Q2. This segment benefited from growth in Canadian operations and AmerisourceBergen's World Courier logistics business.
Operating expenses for the company increased 1.5% year over year on an adjusted basis. This higher spending primarily resulted from an increase in the pharmaceutical distribution services segment's expenses.
The company boosted its full-year 2019 guidance. AmerisourceBergen now projects non-GAAP earnings per share (EPS) between $6.70 and $6.90, up from its previous forecast of a range of $6.65 to $6.85. Revenue is also expected to grow by a mid-single-digit percentage for the full year.
AmerisourceBergen CEO Steven Collis stated that the company "continues to be well positioned for long-term growth." He added that the company has "the utmost confidence that our differentiated strategy and focus on providing innovative services and solutions for our partners will continue to drive sustainable value for all of our stakeholders."