VALLEY FORGE, Pa. (AP) -- Prescription drug distributor AmerisourceBergen Corp. said Wednesday its net income fell 1 percent in the fiscal third quarter on an accounting charge and fees related to a stock sale.
During the quarter AmerisourceBergen took $122.1 million in "last-in, first-out" expenses, or costs that a company takes when it sells products for less than they were bought for. The company also reported $35.8 million in charges related to the purchase of company stock by Walgreen Co. and Alliance Boots.
Earlier this year, Walgreen and Alliance Boots agreed to buy up to 7 percent of AmerisourceBergen's shares, and they received warrants to purchase an additional 16 percent. AmerisourceBergen agreed to supply Walgreen with both branded and generic drugs for its drugstores and mail order and specialty pharmacy businesses.
AmerisourceBergen said its net income slipped to $168.4 million, or 71 cents per share, from $181.3 million, or 71 cents per share in the 2012 third quarter.
An 8 percent drop in the number of outstanding shares from last year kept the per-share results the same.
Excluding one-time items, the company said its net income fell a penny to 73 cents per share.
Revenue rose 13 percent, to $21.91 billion from $19.33 billion last year, as its pharmaceutical revenue rose 16 percent and specialty drug revenue rose 5 percent. Revenue from its consulting and shipping businesses rose 17 percent to $466.7 million
FactSet says analysts expected AmerisourceBergen to report, on average, adjusted net income of 75 cents per share on $21.4 billion in revenue for the three months ended June 30.
The company narrowed its profit forecast for the full year, saying it now expects to earn $3.06 to $3.11 per share. Its previous guidance called for net income of $3.04 to $3.14 per share. Analysts are forecasting $3.06 per share on average, with estimates ranging from $3.04 to $3.13 per share.
Shares of AmerisourceBergen slipped 22 cents to $57.41 in morning trading. Shortly after the opening bell, the stock reached an all-time high of $59.30.
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