Prescription drug supplier AmerisourceBergen said Thursday its net income slipped 1 percent, as gains from generic drugs and acquisitions could not offset the loss of an undisclosed retail customer.
Net income for the three months ended March 31 fell to $212.1 million, or 81 cents per share, from $214.4 million, or 77 cents per share, in the year-ago period.
The results matched analysts' average forecast, according to data provider FactSet.
Revenue rose less than 2 percent to $20.1 million, from $19.8 million last year. That also matched Wall Street expectations.
The Valley Forge, Pa.-based company has three divisions: its drug business, which provides medicine, staffing and consultant services to institutional healthcare and pharmacies; a specialty group which supplies oncology, plasma-derivative and biotech products to customers, and consulting services.
Sales at AmerisourceBergen Drug Corp. were relatively flat during the quarter, hurt by losing a large undisclosed retail partner. Sales at the company' specialty group rose 6 percent.
AmerisourceBergen reiterated guidance for full year profit between $2.74 and $2.84 per share. Analysts, on average, expect net income of $2.57 per share, with estimates ranging from $2.54 to $2.61.
Shares fell 88 cents, or 2.3 percent, to $36.97 in afternoon trading. The stock has changed hands between $34.33 and $43.47 in the past 52 weeks.