McKesson revenues rise in Q4, year-end

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McKesson revenues increase by $2 billion. Source: Visual Revenue  

McKesson reported higher revenues and profit for the fourth quarter and for the year, which ended March 31.

For the quarter, the company saw revenues of $26.2 billion compared to $24.2 billion a year ago. For the fiscal year, McKesson had revenues of $101.7 billion versus $93 billion a year ago.

Net income for the quarter was $307 million, compared to $257 million in the same quarter last year. For the year-end results, the company booked a net income of $990 million compared to $913 million in the year-prior.

The company reported that operating expenses were up 4 percent for the quarter and for the year, operating expenses were up 26 percent due to the impact of acquisitions, continued investments in new product development, December quarter charges to streamline staffing and product lines and equity-based compensation expense.

According to the San Francisco Business Times, the company made several acquisitions during the year: McQueary Brothers Drug of Springfield, Mo.; HTP of Columbus, Ohio, which makes financial software for the healthcare industry; and Rosebud Solutions of Ann Arbor, Mich., which makes software for tracking and managing surgical instruments and medical equipment.

"The fourth-quarter and full-year financial results demonstrate continued operating excellence and the benefit of acquisitions and share repurchases to create additional shareholder value," John H. Hammergren, CEO of McKesson, said.