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McKesson beats 4Q profit forecasts

SAN FRANCISCO (AP) _ McKesson Corp. (MCK) on Thursday reported fiscal fourth-quarter profit of $3.59 billion.

The San Francisco-based company said it had net income of $16.77 per share. Earnings, adjusted for one-time gains and costs, came to $3.39 per share.

The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $3.04 per share.

The prescription drug distributor posted revenue of $48.71 billion in the period, which missed Street forecasts. Five analysts surveyed by Zacks expected $49.78 billion.

McKesson expects full-year earnings in the range of $11.75 to $12.45 per share.

McKesson shares have increased roughly 1 percent since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 6 percent. In the final minutes of trading on Thursday, shares hit $141.44, a decrease of 21 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MCK at https://www.zacks.com/ap/MCK

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Keywords: McKesson, Earnings Report