BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
News: stock, crypto, macro, education
McKesson Corporation Announces Fiscal 2024 Fourth Quarter and Full-Year Financial Results
IRVING, Texas, May 7, 2024 – McKesson Corporation (NYSE: MCK), a global leader in healthcare services and logistics, today reported its financial results for the fourth quarter and full fiscal year ended March 31, 2024. Despite robust annual growth, the company's share price declined by 1.6% in after-hours trading following the announcement.
Fiscal 2024 Fourth Quarter Financial Performance
Strong Revenue Growth Amidst Mixed Earnings Report
McKesson's consolidated revenues for the fourth quarter reached $76.4 billion, an increase of 11% compared to the same period last year, primarily driven by significant growth in the U.S. Pharmaceutical segment. This segment saw a surge in prescription volumes, including higher volumes from specialty products and GLP-1 medications.
However, earnings per diluted share from continuing operations rose modestly to $6.02, up by $0.31 from the previous year. In contrast, adjusted earnings per diluted share saw a decrease of 14% to $6.18, influenced by a higher tax rate despite a lower share count.
Full Year Fiscal 2024 Highlights
Comprehensive Annual Financial Overview
For the entire fiscal year, McKesson posted consolidated revenues of $309.0 billion, marking a 12% increase from the previous fiscal year. Despite the revenue growth, earnings per diluted share from continuing operations fell to $22.39, down by $2.66. Adjusted earnings per diluted share, however, increased by 6% to $27.44, buoyed by growth in U.S. Pharmaceutical and Prescription Technology Solutions, alongside a reduction in share count.
The company generated a robust cash flow from operations amounting to $4.3 billion, with free cash flow totaling $3.6 billion. McKesson also returned $3.3 billion to shareholders through dividends and stock repurchases over the fiscal year.
Looking Ahead: Fiscal 2025 Financial Outlook
Optimistic Growth Projections Despite Market Reaction
McKesson has provided an adjusted earnings per diluted share guidance for fiscal 2025 ranging from $31.25 to $32.05, indicating an expected growth of 14% to 17%. This optimistic forecast underscores the company's continued operational momentum and strong financial positioning. However, the company does not provide a GAAP earnings forecast due to the unpredictable nature of certain financial items.
Strategic Highlights and Future Growth Initiatives
Advancements in Oncology and Biopharma Services
Over the past year, McKesson has significantly expanded its oncology and biopharma services platforms. Noteworthy achievements include the CoverMyMeds business helping patients save over $8.8 billion on medications and a strategic collaboration with AstraZeneca through the Sarah Cannon Research Institute.
Furthermore, McKesson launched a pilot initiative targeting health equity in underserved communities, starting with Avondale, Ohio, to enhance access to essential pharmacy services.
Market Response and Analyst Perspectives
Despite the strong financial results and optimistic outlook for fiscal 2025, McKesson's stock experienced a slight dip of 1.6% in after-hours trading. Analysts suggest that the market reaction might be tied to the mixed earnings performance and concerns over future profitability amid varying market conditions.
More articles
BlackRock Q3 2024 Earnings: AUM Reaches New Heights Amid Strong Inflows
Wells Fargo Q3 2024 Earnings Report: Profit Declines Amid Lower Interest Income, Investment Banking Offers Support
Wells Fargo & Co. announced its third-quarter 2024 financial results, revealing mixed performance. The bank's net income dropped by 11.3% year-over-year to $5.11 billion, while revenue fell 2% to $20.37 billion. This decline in revenue was driven primarily by an 11% drop in net interest income, which came in at $11.69 billion. Higher funding costs and customer movement towards higher-yielding deposits were key factors contributing to the lower interest income.
JPMorgan Chase Reports Strong Q3 2024 Results, Beating Expectations
JPMorgan Chase & Co. has once again exceeded market expectations with its third-quarter 2024 earnings report, delivering robust results. The bank reported a net income of $12.9 billion, a slight decrease from $13.1 billion in the same period last year. However, earnings per share (EPS) rose to $4.37, outperforming analysts' expectations of $4.01. This represented a 1% increase in EPS year-over-year, despite the minor decline in net income.
DOJ Pushes to Break Up Google as Antitrust Battle Heats Up
The U.S. Department of Justice (DOJ) has intensified its efforts against Google in a landmark antitrust case, marking a potential turning point for Big Tech regulation. This week, the DOJ revealed it is seriously considering drastic remedies to curb Google's dominance, including breaking up the tech giant's key business units such as Chrome and Android. This follows an August 2024 ruling that found Google had been illegally maintaining a monopoly over internet search and advertising.
PepsiCo Q3 2024 Earnings Report: Revenue Miss and Revised Growth Outlook
PepsiCo has announced its third-quarter earnings for 2024, revealing a mixed performance. The company reported a decline in overall revenue but managed to beat profit expectations, demonstrating resilience in several key segments despite global challenges. Here's a detailed breakdown of the report.
McCormick Reports Strong Q3 2024 Results and Raises Full-Year Outlook
McCormick & Co., a global leader in spices and flavor solutions, delivered better-than-expected Q3 2024 earnings, driving a 5% increase in its stock price. The company reported revenue of $1.68 billion, which remained flat compared to the same quarter last year but surpassed market expectations. The earnings per share (EPS) increased by 32% to $0.83, well above analysts' estimates of $0.67, reflecting strong operational performance and cost control efforts.
Paychex Reports Strong Q1 2025 Earnings with 3% Revenue Growth
Paychex, Inc. (NASDAQ: PAYX) kicked off its fiscal year 2025 with solid Q1 earnings, posting a 3% year-over-year increase in revenue, reaching $1.32 billion. The payroll and human resource services giant also delivered adjusted earnings per share (EPS) of $1.16, slightly above the consensus estimate of $1.14. This growth was primarily driven by the company's strong performance in Human Capital Management (HCM) solutions and Professional Employer Organization (PEO) services.
Nike Q1 2025 Earnings: Revenue Decline Amid Market Challenges
Nike, Inc. reported its Q1 2025 fiscal earnings on October 1, revealing a 10% decline in revenue to $11.6 billion, down from $12.9 billion in the same period last year. This drop is attributed to weakening demand across major markets, notably in North America, where revenue fell by 11%, and Europe, the Middle East, and Africa, which saw a 13% decline. Greater China also posted a 4% drop in sales.
Carnival Corporation Reports Record Q3 2024 Earnings: Revenue, Net Income, and Future Outlook
Carnival Corporation, the world's leading cruise operator, posted impressive financial results for the third quarter of 2024, breaking several records and surpassing market expectations. With revenue reaching an all-time high of $7.9 billion, a 15% increase year-over-year, Carnival demonstrated a strong recovery and continued growth in the cruise industry. This financial achievement exceeded the expected $7.83 billion forecast, signaling robust consumer demand for cruises despite inflationary pressures.
Alibaba's Recent Surge and Key Developments in Late September 2024
In the final week of September 2024, Alibaba's stock surged over 20%, reaching its highest point in a year. This impressive growth stems from a combination of strategic innovations, favorable regulatory changes, and broader economic support in China.
