McKesson earnings drop but sales climb

MarketWatch.com - MarketPulse LOS ANGELES (MarketWatch) -- Drug distribution giant McKesson Corp. said Thursday that third-quarter net income was $64 million, or 28 cents a share, compared with $298 million, or $1.24 a share, for the same period a year ago. Sales for the San Francisco-based company were $34.31 billion against last year s $31.1 billion. The company said adjusted earnings were $1.45 a share, but added that several one-time charges were included. Analysts polled by FactSet had predicted earnings of $1.82 a share. Sales were forecast to come in at $33.56 billion. The company said it expects full-year earnings for the fiscal year ended March 31 to reach $8.05 to $8.20 a share, which excludes several one-time gains and losses. McKesson shares ended trading Thursday up more than 2% to $177.23.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.