Cardinal Health's stock rises in range of a record after upbeat profit outlook

Shares of Cardinal Health Inc. (CAH) rallied 1.7% in premarket trading Tuesday, after the drug distributor said it expects fiscal 2024 earnings to be at the high-end of previous guidance. The stock was on track to open at the highest price seen since it closed at a record $108.05 on Dec. 13. The company added that while a review of its businesses remains "active and ongoing," it has already determined that it would further develop its growth businesses in its Medical Segment, at-Home Solutions and OptiFreight Logistics businesses. The company had previously guided fiscal 2024 adjusted earnings per share of $6.75 to $7.00, while the current FactSet is $6.96. The stock has run up 15.9% over the past three months through Monday, while the Health Care Select Sector SPDR ETF (XLV) has climbed 7.6% and the S&P 500 has advanced 9.9%.

-Tomi Kilgore

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01-09-24 0724ET

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