slumped Thursday after the drug distributor delivered disappointing quarterly earnings and said its CEO is stepping down.
The company (ticker: CAH) reported an adjusted profit of $1.05 a share for its fiscal fourth quarter, which ended in June, while the consensus call among analysts tracked by
was for $1.17. Revenue was $47.1 billion, beating the $44.7 billion analysts expected.
also said that CEO Mike Kaufmann, who has been at the company for 30 years, is stepping down. He will be succeeded by Chief Financial Officer Jason Hollar, effective in September. Hollar has been CFO since May 2020.
Shares (ticker: CAH) fell 4% to $60.28 in premarket trading. Write to Karishma Vanjani at [email protected]