AmerisourceBergen Stock Dives After Q2 Earnings Fall Short Of Expectations

AmerisourceBergen Corporation ABC shares dropped after the company's Q2 for fiscal 2021 failed to meet the consensus estimates. It reported an adjusted EPS of $2.53 topped the analyst consensus estimate of $2.48.
But the quarterly sales of $49.2 billion missed the analyst consensus estimate of $49.85 billion.
Sales increased 3.8% Y/Y, but at a slower pace when compared to around 9.7% recorded in Q1 FY21.
Pharmaceutical distribution services revenue grew 3.4% to $47.1 billion, as specialty product sales, including COVID-19 treatments.
The cost of goods sold rose 3.5% to $47.62 billion.
Adjusted operating income increased 5.2% to $706.6 million. In 1Q21, the increase was 24.6% to $616.9 million.
However, the company has raised the lower end of the fiscal 2021 guidance for adjusted EPS at $8.45 – 8.60, up from the previous projection of $8.40 – 8.60 per share, while the consensus EPS stands at $8.56.
Price Action: ABC shares are down 7.2% at $116.87 during market trading hours on the last check Wednesday.