Cardinal Health (NYSE: CAH) has reported strong financial results for the fourth quarter and fiscal year 2024. The company's fourth-quarter revenue increased by 12% to $59.9 billion, with GAAP operating earnings at $401 million and GAAP diluted earnings per share (EPS) at $0.96. Non-GAAP operating earnings increased by 14% to $605 million and non-GAAP diluted EPS increased by 29% to $1.84.
For the fiscal year 2024, the company achieved revenues of $226.8 billion, marking an 11% increase from the previous year. GAAP operating earnings were $1.2 billion, and GAAP diluted EPS was $3.45. Non-GAAP operating earnings saw a 16% increase to $2.4 billion, while non-GAAP diluted EPS increased by 29% to $7.53.
The company also achieved record operating cash flow and adjusted free cash flow, reaching all-time highs of $3.8 billion and $3.9 billion respectively. As a result, Cardinal Health has raised its fiscal year 2025 non-GAAP EPS guidance to $7.55 to $7.70, from at least $7.50 previously communicated.
The pharmaceutical and specialty solutions segment saw strong performance, with fourth-quarter revenue increasing by 13% to $55.6 billion and segment profit growing by 8% to $482 million. The global medical products and distribution segment reported a 2% increase in revenue to $3.1 billion and segment profit increased by $40 million to $47 million in the fourth quarter. Additionally, the other segment saw a 15% increase in revenue to $1.2 billion and a segment profit increase of 11% to $111 million.
Looking ahead, Cardinal Health provided an update on its business and portfolio review, focusing on the global medical products and distribution segment. The company remains committed to maximizing shareholder value through the execution of its improvement plan and has raised its share repurchase expectations in fiscal year 2025 by $250 million to a total of $750 million.
In terms of recent highlights, Cardinal Health announced a joint venture with CVS Health, a distribution agreement with leading southeast grocery chain Publix, and the opening of its new advanced therapy solutions innovation center.
The company will be hosting webcasted investor events, including the Morgan Stanley 22nd Annual Global Healthcare Conference and the Baird 2024 Global Healthcare Conference, and will be discussing its fourth quarter and full-year results in a webcast today at 8:30 a.m. Eastern.
Cardinal Health's strong financial performance and strategic initiatives demonstrate its commitment to delivering value for its shareholders and sustaining growth in its key business segments. The market has reacted to these announcements by moving the company's shares 1.9% to a price of $102.58. Check out the company's full 8-K submission here.
