This document contains:
1) An overview of Cardinal Health's Q2 FY2009 earnings results, reporting 8% revenue growth and mixed results across business segments.
2) Comments from executives on the Healthcare Supply Chain Services and Clinical and Medical Products segments, noting challenges from capital spending deferrals.
3) Cardinal Health's financial goals for FY2009, which include 6-7% revenue growth and $3.50-$3.60 non-GAAP EPS.
cardinal health Q4 2007 Earnings Presentationfinance2
This document summarizes Cardinal Health's fourth quarter and full year 2007 earnings results. For the fourth quarter, revenue increased 5% to $22.3 billion while operating earnings decreased 14% to $421 million. For the full year, revenue increased 9% to $86.9 billion while operating earnings decreased 26% to $1.4 billion. Segment results were mixed, with the Clinical Technologies and Services and Medical Products Manufacturing segments exceeding profit growth targets while the Healthcare Supply Chain Services segments were below or near targets. Cardinal Health provided financial targets for fiscal year 2008, forecasting continued revenue and earnings growth led by acquisitions and organic growth across segments.
Pfizer Quarterly Corporate Performance - First Quarter 2008finance5
This document summarizes Pfizer's first quarter 2008 earnings teleconference. It discusses Pfizer's financial results for the quarter, including a 18% decrease in reported net income. It also provides guidance for 2008, reaffirming revenue of $47-49 billion and adjusted diluted EPS of $2.35-$2.45. Key highlights included steady growth from products like Lyrica and Chantix, though results were impacted by the loss of exclusivity for Norvasc and Zyrtec. Cost reduction efforts remained on track to save $1.5-2 billion versus 2006.
1) The document provides an earnings conference call forecast for Q4 2007 and full year 2008. It includes details on Q4 2007 results, 2008 forecasts, and questions and answers.
2) Key highlights of Q4 2007 results include earnings per share of $1.24, up 15% from prior year. Operating revenue was up 4% and total revenue up 5%.
3) The forecast expects continued growth in 2008 from contractual revenue increases and favorable foreign exchange rates across all business segments.
- Tenet Healthcare reported positive results for Q4'07, with 0.1% admissions growth compared to Q4'06. Volumes in Florida stabilized with a 0.3% decline.
- Commercial managed care revenue grew 8.9% despite a 1.8% decline in admissions, due to increases in net revenue per admission.
- Adjusted EBITDA was $168 million in Q4'07, benefiting from $12 million in lower year-end compensation accruals and a $19 million favorable bad debt adjustment.
- Momentum is building in volumes, pricing from new contracts, and physician staff expansion through recruitment.
- The company reported third quarter 2006 earnings per share of $1.06, up 8% from the prior year. Excluding a pension accounting charge, EPS was $1.12, up 14%.
- All business segments saw revenue growth. Fleet Management Solutions revenue was up 5% and Supply Chain Solutions revenue increased 19%.
- The company's debt to equity ratio was 160% at the end of the third quarter 2006, an increase from 143% at the end of 2005 but still below the long-term target range.
- Ryder reported earnings per share of $1.08 for the fourth quarter of 2006, up 17% from $0.92 in the fourth quarter of 2005. Revenue increased 3% to $1.594 billion.
- For the full year 2006, Ryder reported earnings per share of $4.04, up 15% from $3.52 in 2005. Revenue increased 10% to $6.307 billion.
- Ryder's Fleet Management Solutions segment saw a 2% increase in operating revenue and a 3% increase in net earnings before tax for the fourth quarter. For the full year, FMS operating revenue rose 2% and net earnings before tax increased 4%.
- The document is the transcript from a Q2 2008 earnings call for a healthcare company.
- Key highlights included 2.2% same-hospital admission growth and improving trends in volumes, pricing, and expenses.
- Management discussed strategies around physician relationships and service lines that are helping to increase commercial and total admissions.
The document provides an overview of a global supplier of emission and ride control systems, including financial performance, strategic initiatives to drive growth, new product pipelines, opportunities in emerging markets, and efforts to reduce costs through restructuring and lean manufacturing. It outlines the company's plan to achieve double-digit revenue growth through capturing demand for new emissions technologies, expanding in Asia and with growing automakers. The company also aims to enhance profitability by introducing new aftermarket products and optimizing its global manufacturing footprint.
Aetna provided projected financial information for 2008 including:
1) Operating earnings of $4.00 per share with $0.92 per share in Q1 2008.
2) An improvement in total operating expense ratio of at least 50 basis points.
3) A pretax operating margin higher than 2007.
4) Weighted average diluted shares of approximately 505 million.
- Fleet Management Solutions operating revenue increased 2% to $713.9 million driven by a 6% increase in contractual revenue, while commercial rental revenue declined 13% and fuel services revenue declined 3%.
- Net before tax earnings for FMS increased 8% to $80.8 million and net before tax earnings as a percentage of operating revenue increased to 11.3% from 10.7% in the prior year.
- The company reaffirmed its full year 2007 earnings forecast of $4.30 to $4.40 per share, with second quarter earnings forecasted to be $1.04 to $1.07 per share.
- The document reports on Monsanto's financial results for the second quarter of 2008, projecting continued strong earnings growth, margins, and cash generation.
- Key highlights included a projected 58-63% increase in ongoing earnings per share, gross profit margins reaching 53% (two years ahead of target), and over $1.3 billion in free cash flow.
- Monsanto expected its seeds and traits business to double gross profits from 2007 to 2012 through new product launches and increased seed and trait penetration globally.
This document provides a summary of Unilever's Q2 2009 results and business performance. [1] Unilever restored volume growth of 2.0% in Q2 2009 and stepped up advertising and promotion investments by 50 basis points. [2] Underlying operating margin was down 60 basis points in line with expectations due to higher investments in advertising. [3] Cash flow improved by €1.6 billion in the first half of 2009 and net debt was €8.9 billion.
JPMorgan Chase First Quarter 2008 Financial Results Conference Call finance2
JPMorgan Chase reported net income of $2.4 billion for the first quarter of 2008, down 49% from $4.8 billion in the first quarter of 2007. Earnings per share were $0.68, down from $1.34 the previous year. The Investment Bank saw declines in revenue and increases in credit losses. Retail Financial Services increased revenue but also significantly increased its provision for credit losses due to deterioration in home equity and subprime portfolios. JPMorgan Chase maintained a strong capital position despite challenges in the market and credit environment.
Morgan Stanley's 2003 Annual Report highlights the following:
1) Morgan Stanley delivered strong financial results in 2003 with net income increasing 27% to $3.8 billion and return on equity increasing to 16.5% compared to 14.1% the previous year.
2) The firm's market share performance was very strong in its securities business, with rankings higher or equal to the previous year's in almost every major category.
3) The Institutional Securities division drove the increase in profits, with fixed income revenues up 65% and equity and investment banking revenues relatively unchanged from the prior year.
Morgan Stanley Dean Witter reported strong second quarter 2000 results, with net income up 27% to $1.458 billion and earnings per share up 30% compared to the second quarter of 1999. All business segments performed well, with record results in securities and asset management. The company also announced an additional $1.5 billion stock repurchase authorization.
AIG Third Quarter 2008 U.S. Treasury, Federal Reserve and AIG Establish Comp...finance2
The U.S. Treasury, Federal Reserve, and AIG established a comprehensive solution for AIG that included:
1) The Treasury purchasing $40 billion in preferred shares and warrants to help pay down AIG's credit facility.
2) Revising AIG's credit facility with the Federal Reserve to extend the term and reduce costs.
3) Creating entities to purchase assets from AIG's securities lending program and credit default swap portfolio to reduce its exposure.
This solution was designed to resolve AIG's liquidity issues and create a durable capital structure to enable repayment of loans over time.
- The Home Depot reported third quarter earnings for fiscal year 2008, with sales of $17.8 billion, down 6.2% from the previous year, and same-store sales down 8.3%. Earnings per share were $0.45.
- Challenging housing and home improvement markets continued to pressure results. Previously strong regions like the Northwest saw double-digit negative comps.
- While sales were weak across most departments, building materials had positive comps led by roofing and insulation. Initiatives to improve merchandising and focus on value are showing early signs of success through improved transactions, market share gains, and gross margin expansion despite volatile costs.
- Tightening credit availability also
BancAnalysts Association of Boston Conference finance2
The document summarizes the financial results and credit performance of JPMorgan Chase's Retail Financial Services division for the third quarter of 2008. Key points include:
- Revenue grew 15% year-over-year to $14.6 billion driven by regional banking and mortgage production, but credit costs increased significantly to $5.5 billion.
- Net income declined to $626 million due to higher credit costs, especially in home equity and subprime mortgages.
- Significant credit actions have been taken to tighten underwriting across home lending portfolios, but deterioration continues with high delinquencies and losses expected going forward.
- New initiatives are announced to proactively help homeowners modify loans and stay
This document is Berkshire Hathaway's quarterly report filed with the SEC for the quarter ending September 30, 2005. It includes Berkshire's consolidated balance sheet, earnings statement, and cash flow statement for the periods presented. Berkshire's revenues increased from the prior year due to growth across its insurance and non-insurance businesses. Net earnings for the quarter and year-to-date were lower than the prior year partly due to higher catastrophe losses in the insurance operations. Berkshire continued acquiring additional businesses during the periods.
The document is a summary annual report from Valero Energy Corporation highlighting its strong financial performance in 2004. Some key points:
- Valero had record revenues of $55 billion in 2004, up 44% from 2003, which would place it among the top 20 largest US public companies.
- Net income was a record $1.8 billion, nearly triple the 2003 amount. Valero's 2004 total shareholder return was 98%.
- Valero's acquisition strategy of purchasing refineries at deep discounts has been highly successful, generating significant profits from processing heavy sour crudes.
- With a refining capacity of 2.5 million barrels per day, Valero is the largest independent refiner in
AIG AIG Annual Reports and Proxy Statements 2008 Proxy Statementfinance2
The document is a notice for the annual meeting of shareholders of American International Group, Inc. (AIG) to be held on May 14, 2008.
[1] The notice states that the annual meeting will be held at AIG's offices in New York City to elect 13 directors, ratify the selection of PricewaterhouseCoopers LLP as the independent auditor, and consider two shareholder proposals relating to human rights and political contributions reporting.
[2] Shareholders of record as of March 28, 2008 are entitled to vote at the meeting. Instructions are provided for voting by proxy via internet, telephone or mail.
AIG Conference Call Credit Presentation - February 29, 2008finance2
This document provides an outline and overview of AIG Financial Products' "Super Senior" credit default swap business as of December 31, 2007. It discusses the business rationale, portfolio composition, underwriting standards, risk assessment, accounting and valuation. Key points include that AIGFP defines "Super Senior" risk as having no expected loss even under conservative stress scenarios, and takes a more conservative approach to modeling than rating agencies. Summary statistics on the various transaction types are provided showing total gross and net notional exposures.
valero energy Quarterly and Other SEC Reports 2004 2ndfinance2
This document is Valero Energy Corporation's quarterly report filed with the SEC for the quarter ending June 30, 2004. It includes Valero's consolidated balance sheets, statements of income, cash flows, and comprehensive income for the periods presented. Some key details include that Valero reported $632.7 million in net income for the quarter, $880.8 million for the six months, and had total assets of $18.6 billion and total stockholders' equity of $6.7 billion as of June 30, 2004.
Lehman Brothers Global Healthcare Conference Presentationfinance2
This document provides an overview from Paul Julian, Executive Vice President and Group President at McKesson Corporation, at the 2006 Lehman Brothers Healthcare Conference.
The summary includes:
1) McKesson is a $80.5 billion healthcare company with over 25,000 employees.
2) McKesson's business segments include pharmaceutical distribution, medical-surgical distribution, and provider technologies.
3) McKesson has shown strong financial performance over the past five years with revenues growing at a 7% CAGR and EPS growing at a 27% CAGR.
JPMorgan Chase reported third quarter 2008 net income of $527 million, which included several significant items related to the Washington Mutual acquisition. Excluding merger-related items, net income was $1.167 billion. Revenue decreased 18% from the previous quarter to $16.088 billion, while credit costs increased 9% to $4.684 billion. Retail Financial Services reported net income of $247 million on total revenue of $4.875 billion, up 16% year-over-year, though credit costs increased due to higher loss estimates for home lending. The Investment Bank reported net income of $882 million on revenue of $4.035 billion, though results were impacted by $3.6 billion in
The document provides notice of Morgan Stanley's 2008 annual meeting of shareholders. It invites shareholders to attend the meeting to vote on electing members of the board of directors, ratifying the appointment of the independent auditor, amending the company's certificate of incorporation to eliminate supermajority voting requirements, and considering two shareholder proposals. The board recommends voting "for" the first three items and "against" the shareholder proposals. The meeting will take place on April 8, 2008 in Purchase, New York.
This 3 sentence summary provides the key details from the document:
Morgan Stanley Market Products Inc. is a wholly owned subsidiary of Morgan Stanley that is primarily engaged in trading U.S. government agency securities and derivatives. As of May 31, 2008, the company had total assets of $11.88 billion, consisting mainly of securities and reverse repurchase agreements, and total liabilities of $11.12 billion, consisting mainly of repurchase agreements. The statement provides details on the company's financial position, including assets, liabilities, and equity, as of May 31, 2008.
This document summarizes John Hammergren's presentation at the Bear Stearns Global Healthcare Conference on September 14, 2004. The presentation provides an overview of McKesson Corporation, including who they are, their view of the healthcare industry, and how their businesses are responding to current challenges. Key highlights discussed include McKesson's strong financial performance, their strategy to fundamentally change healthcare costs and quality through technology and partnerships, and growth in their pharmaceutical distribution business.
johnson & johnson PDF Download Presentationfinance4
This presentation provides an overview and summary of Johnson & Johnson's 2008 business performance and outlook for 2009. Key points include:
- J&J delivered sales growth of 4.3% in 2008 and exceeded earnings guidance. All three business segments - pharmaceutical, medical devices & diagnostics, and consumer - experienced sales growth.
- The presentation identifies growth drivers and pipeline advancements across J&J's businesses. It also addresses challenges from the economic environment and strategies to manage pressures in 2009.
- Looking forward, J&J will focus on growing existing businesses, building new platforms, and participating in healthcare policy to position itself for long-term leadership in an evolving industry.
This presentation provides an overview and summary of Johnson & Johnson's 2008 business performance and outlook for 2009. Key points include:
- J&J delivered sales growth of 4.3% in 2008 and exceeded earnings guidance despite challenges.
- Consumer and Medical Devices & Diagnostics saw sales growth while Pharmaceutical sales declined due to patent expirations.
- The company is focusing on new product launches, emerging markets, and cost reductions to address current economic pressures.
- J&J's strategic focus is on winning in healthcare through R&D, new growth platforms, and participation in public policy to shape the evolving healthcare environment.
This presentation provides an overview and summary of Johnson & Johnson's 2008 business performance and outlook for 2009. Key points include:
- J&J delivered sales growth of 4.3% in 2008 and exceeded earnings guidance. All three business segments - pharmaceutical, medical devices & diagnostics, and consumer - experienced sales growth.
- The presentation identifies growth drivers and pipeline advancements across J&J's businesses. It also addresses challenges from the economic environment and strategies to manage pressures in 2009.
- Looking forward, J&J will focus on growing existing businesses, building new platforms, and participating in healthcare policy to "win in healthcare" over the long term.
cardinal health Q2 2007 Earnings Presentationfinance2
This document provides a summary of Cardinal Health's second quarter earnings for fiscal year 2007. It includes highlights such as revenue increasing 13% year-over-year to $21.8 billion and operating earnings growing 12% to $512 million. Each of the company's business segments saw revenue and operating earnings increases compared to the prior year quarter. The document also outlines Cardinal Health's financial targets for fiscal year 2007, including revenue growth of 8-10% and EPS growth of 12-15%.
This document summarizes the Q1 FY07 financial results of ConAgra Foods. Some key highlights include:
- Consumer Foods volume increased 1% and Food and Ingredients volume increased 2% in Q1.
- Gross margin was 24.7% and operating margin was 11.7% for the quarter.
- Net debt decreased to $2.88 billion from $3.97 billion in Q1 FY06.
- Restructuring charges totaled $39 million pre-tax, impacting costs in Consumer Foods and corporate expenses.
cardinal health Q1 2007 Earnings Presentationfinance2
This document summarizes Cardinal Health's first quarter earnings for fiscal year 2007. It provides an overview of Cardinal Health's consolidated and segment financial results for the quarter, including revenue, operating earnings, earnings per share, and other key metrics. It notes growth over the prior year quarter for most measures. The document also outlines Cardinal Health's key value drivers and financial targets for fiscal year 2007, including targets for revenue growth, earnings per share, return on equity, and cash returned to shareholders.
- Cardinal Health reported financial results for its third quarter of fiscal year 2014, ended March 31, 2014.
- Total revenue decreased 13% to $18.8 billion compared to the same period last year, driven by the expiration of a contract with Walgreens, partially offset by growth with new and existing customers.
- Operating earnings were $508 million, a 7% increase, and non-GAAP operating earnings were $561 million, a 3% decrease.
- Cardinal Health reported financial results for its third quarter of fiscal year 2014, ended March 31, 2014.
- Total revenue decreased 13% to $18.8 billion compared to the same period last year, driven by the expiration of a contract with Walgreens, partially offset by growth with new and existing customers.
- Operating earnings were $508 million, a 7% increase, and non-GAAP operating earnings were $561 million, a 3% decrease.
This document provides an overview of Monsanto's second quarter 2008 financial results and outlook. Some key points:
- Net sales for Q2 2008 were $3.8 billion, up 45% from the same period in 2007. Net income was $1.1 billion, up 108% from 2007.
- For full year 2008, Monsanto expects earnings per share growth of 58-63% and free cash flow of around $1.3 billion.
- By 2012, Monsanto aims to double gross profit from seeds and traits compared to 2007, through new product launches and market share gains.
- Monsanto expects to gain corn share in key international markets like Argentina and maintain leadership in Brazil.
This document provides an overview of Monsanto's second quarter 2008 financial results and outlook. Some key points:
- Net sales for Q2 2008 were $3.8 billion, up 45% from the same period in 2007. Net income was $1.1 billion, up 108% from 2007.
- For full year 2008, Monsanto expects earnings per share growth of 58-63% and free cash flow of around $1.3 billion.
- By 2012, Monsanto aims to double gross profit from seeds and traits compared to 2007, through new product launches and market share gains.
- Monsanto expects to continue gaining corn share in the U.S. and internationally through 2008 and beyond.
This document provides an overview of Monsanto's second quarter 2008 financial results and outlook. Some key points:
- Net sales for Q2 2008 were $3.8 billion, up 45% from the same period in 2007. Net income was $1.1 billion, up 108% from 2007.
- For full year 2008, Monsanto expects earnings per share growth of 58-63% and free cash flow of around $1.3 billion.
- By 2012, Monsanto aims to double gross profit from seeds and traits compared to 2007, through new product launches and market share gains.
- Monsanto expects to continue gaining corn share in the U.S. and internationally through 2008 and beyond.
The document provides a summary of the company's financial results for the second quarter of 2006. Key points include:
- Earnings per share increased 8% driven by productivity improvements that expanded operating margins.
- Net sales were even with the prior year due to divestitures and currency impacts, but organic sales grew 2%.
- Margins improved due to productivity gains, though this was partially offset by transition costs and inflation.
- The company is realizing annual savings from restructuring of $85-100 million and raising its cost reduction target.
SPX reported financial results for the third quarter of 2008. Revenue increased 29% to $1.51 billion due to a 20% increase from acquisitions and 6.5% organic growth. Adjusted earnings per share grew 19% to $1.66 compared to the prior year. For the full year, revenue is expected to increase 8-10% organically in the fourth quarter. Earnings per share for the fourth quarter are targeted to be between $1.90 and $2.00, representing 14-20% growth over the prior year.
Major brands in the Consumer Foods segment that posted sales growth for Q1 FY08 included Banquet, Blue Bonnet, Chef Boyardee, DAVID, Egg Beaters, Healthy Choice, Hebrew National, Hunt's, Kid Cuisine, Libby's, Marie Callender's, Manwich, Orville Redenbacher's, Reddi-wip, Rosarita, Ro*Tel, Snack Pack, Van Camp's, and Wesson. Brands that posted sales declines included ACT II, Crunch N Munch, Knott's Berry Farm, PAM, Parkay, Slim Jim, and Swiss Miss. Consumer Foods volume increased 3% excluding divested
The document is the transcript from a presentation given by Dean Scarborough, President and CEO of Avery Dennison, at a tech conference on February 7, 2007. It provides an overview of Avery Dennison's business segments and their performance in 2006, highlights growth opportunities, and discusses priorities like margin expansion and increasing participation in emerging markets. Key risks like economic conditions and legal proceedings are also addressed. Financial terms are defined in an appendix with adjustments made for items like restructuring charges and currency impacts.
Pfizer Quarterly Corporate Performance - First Quarter 2008finance5
This document summarizes Pfizer's first quarter 2008 earnings teleconference. It discusses Pfizer's financial results for Q1 2008, including a 5% decline in reported revenues and an 18% decline in reported net income compared to Q1 2007. It also provides Pfizer's reaffirmed financial guidance for 2008, highlighting expectations for revenues between $47-49 billion and adjusted diluted EPS between $2.35-$2.45. Finally, it notes that while several in-line and new products grew, results were negatively impacted by the loss of exclusivity for Norvasc, Zyrtec, and Camptosar as expected.
- Net sales increased 5% year-over-year driven by higher unit volume and positive pricing and mix changes. Emerging markets saw 15% growth while US growth slowed.
- Gross margins increased 120 bps to 27.6% due to productivity gains offsetting transition costs. Operating margins improved 20 bps before environmental and restructuring charges.
- The company remains on track to achieve $90-100M in annual savings from restructuring with $45-50M expected to benefit 2006 results. Reported EPS was $0.85 including environmental and restructuring charges.
- The document provides an overview of the company's financial results for the third quarter of 2008, including sales, margins, cash flow, and earnings guidance.
- Key highlights include organic sales declining 2.4% due to economic slowdown, operating margin decreasing 240 bps to 6.6% from raw material inflation and reduced leverage, and free cash flow guidance of $375 million.
- Actions are being taken to address challenges, including additional price increases, productivity initiatives, and protecting investments in growth areas.
The document provides an overview of Lehman Brothers' Industrial Select Conference on February 6, 2007. It includes forward-looking statements and discusses key risks and uncertainties. Dean Scarborough, President and CEO of Avery Dennison, then discusses Avery Dennison's balanced strategy for growth and productivity improvement. Key highlights include modest sales growth, margin expansion, investments in emerging markets and RFID, and 2007 earnings guidance of $4.00-$4.35 per share.
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The Home Depot launched a new Hispanic-inspired paint color palette called Colores Origenes, featuring over 70 vibrant colors with Spanish names to reflect Latin American culture. Research showed painting is very popular among Hispanics, 59% of whom speak Spanish at home. The new paint line and increased Spanish signage and materials aim to better serve the growing Hispanic community. It was created with Behr Paint and will be sold exclusively at select Home Depot stores.
The Home Depot and AARP Launch Nationwide Workshopsfinance2
The Home Depot and AARP launched nationwide home improvement workshops customized for those aged 50 and over. The workshops will cover topics like home modifications for comfort and safety, saving money on energy bills, and basic maintenance. The workshops are part of an alliance between the two organizations to provide resources for aging homeowners as around 86 million Americans are currently over 50, comprising over 40% of the population.
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The Home Depot announced a special Olympic-themed Kids Workshop to be held on November 5, 2005 at its stores nationwide. Children will build a wooden bobsled toy to celebrate the 2006 Winter Olympics. Selected stores will host Olympic athletes to help children and promote the Olympics. The Home Depot aims to teach kids DIY skills through these monthly workshops and has hosted over 13 million children since 1997.
The Home Depot Announces First Quarter Resultsfinance2
The Home Depot reported first quarter earnings of $356 million, down from $1 billion in the same period last year. This included a $543 million non-recurring charge for closing underperforming stores. Excluding this charge, earnings were $697 million. Sales decreased 3.4% to $17.9 billion due to a 6.5% drop in comparable store sales. The company's CEO acknowledged difficult market conditions and said the company would focus on investing in existing stores.
1) The document discusses Home Depot's merchandising strategy, which focuses on national brands, exclusive proprietary brands, and serving core customers through product knowledge transfer.
2) Home Depot aims to aggressively attack the market through its brand strategies, which leverage national brands, exclusive brands, and proprietary brands to differentiate, build preference, and offer selection.
3) Home Depot is transforming its merchandising approach through investments in talent, focused processes like seasonal planning and presentation, and new systems that provide merchants better data and tools.
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This document summarizes The Home Depot's 2008 Annual Meeting of Shareholders. It provides an overview of the company's financial performance in 2007, including a 2% decrease in sales and an 11% decrease in net earnings per share. It also outlines the company's five priorities for 2007 which were investing in associate engagement, shopping environment, product availability, product excitement, and owning the professional customer. The outlook anticipates 2008 will be another difficult year with guidance for a 4-5% sales decrease and a 19-24% decrease in earnings per share. The company will continue investing in its key priorities and allocating capital efficiently.
The document is a transcript from The Home Depot's 2008 Investor Day conference. Frank Blake, the company's CEO, provides an overview of the company's strategic focus on improving the core retail business, exercising disciplined capital allocation, increasing returns on existing assets, and building sustained competitive advantages. He highlights progress made on priorities like associate engagement and product availability. While housing market conditions remain difficult, Blake emphasizes the company's long term strategy and goals, such as becoming a best in class merchandiser.
This document provides a financial overview and discussion of Home Depot's performance in Q1 2008 and outlook for 2008. Some key points:
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- Home Depot has a staggered debt maturity schedule with low refinancing risk and strong cash flow and liquidity.
- The company is focused on capital efficiency through store rationalization, supply chain improvements, and driving productivity across operations
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1) Home Depot has made multi-year investments to improve labor standards, launch an "Aprons on the Floor" program, and focus on foundational improvements like maintenance and store standards.
2) The company is focusing on two customer segments - professional contractors and multicultural customers - through programs like product knowledge certification for associates, understanding each group's purchasing patterns, and targeted marketing.
3) Initiatives like daytime freight, call center closures, and a new merchandising team have helped exceed Home Depot's $180 million goal in operating cost reductions to reinvest in labor.
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This document discusses Home Depot's supply chain transformation efforts from 2007 to 2008. It outlines goals of improving product availability, inventory management, and developing an optimal distribution network. Home Depot implemented regional distribution centers (RDCs) to better aggregate store orders, improve in-stock levels, and reduce supply chain costs. The RDCs were shown to simplify operations and had benefits including increased gross margins and improved inventory turns that could generate $1.5 billion in additional cash.
The document discusses a decline in private residential investment and subprime/Alt-A mortgages over the past few years which has negatively impacted the housing market. It then outlines Home Depot's strategic focus on increasing returns through disciplined capital allocation, investing in existing assets like employee training and supply chain improvements, and building sustained competitive advantages. Home Depot expects another difficult year in 2008 but believes these strategic initiatives position it for stronger future growth once market conditions normalize.
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Cardinal Health Q2 2009 Earnings Presentation
1. Q2FY2009
Investor/Analyst Call
Essential to care
February 5, 2009
2. Forward-looking statements and
GAAP reconciliation
This presentation contains forward-looking statements addressing expectations, prospects, estimates and other matters that are
dependent upon future events or developments. These matters are subject to risks and uncertainties that could cause actual
results to differ materially from those projected, anticipated or implied. The most significant of these uncertainties are described in
Cardinal Health's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports) and exhibits to those
reports, and include (but are not limited to) the following: uncertainties related to the deferral in hospital capital spending affecting
Cardinal Health's Clinical and Medical Products segment and difficulties in forecasting the exact duration and potential long-term
changes in hospital spending patterns; uncertainties regarding the planned spinoff of the clinical and medical products businesses
as a new stand-alone entity, including the timing and terms of any such spinoff and whether such spinoff will be completed, and
uncertainties regarding the impact of the planned spinoff on Cardinal Health, the new clinical and medical products company and
the potential market for their respective securities; competitive pressures in Cardinal Health's various lines of business; the loss of
one or more key customer or supplier relationships or changes to the terms of those relationships; uncertainties relating to timing
of generic and branded pharmaceutical introductions and the frequency or rate of branded pharmaceutical price appreciation or
generic pharmaceutical price deflation; changes in the distribution patterns or reimbursement rates for health-care products and/or
services; the results, consequences, effects or timing of any inquiry or investigation by any regulatory authority or any legal or
administrative proceedings; future actions of regulatory bodies or government authorities relating to Cardinal Health's
manufacturing or sale of products and other costs or claims that could arise from its manufacturing, compounding or repackaging
operations or from its other services; the costs, difficulties and uncertainties related to the integration of acquired businesses;
uncertainties related to the recent disruptions in the financial markets, including uncertainties related to the availability and/or cost
of credit for Cardinal Health; the potential impact on Cardinal Health’s customers and vendors of declining economic conditions,
which could impact Cardinal Health’s earnings and cash flow; and conditions in the pharmaceutical market and general economic
and market conditions. This presentation reflects management's views as of Feb. 5, 2009. Except to the extent required by
applicable law, Cardinal Health undertakes no obligation to update or revise any forward-looking statement. In addition, this
presentation includes non-GAAP financial measures. Cardinal Health provides definitions and reconciling information at the end of
this presentation and on its investor relations page at www.cardinalhealth.com. A transcript of the conference call will be available
on the investor relations page at www.cardinalhealth.com.
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3. Agenda
Opening remarks Kerry Clark
Chairman and Chief Executive Officer
Financial overview Jeff Henderson
Chief Financial Officer
HSCS comments George Barrett
Vice Chairman and CEO
Healthcare Supply Chain Services
CMP comments Dave Schlotterbeck
Vice Chairman and CEO
Clinical and Medical Products
Q&A
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6. Q2 FY2009 Operating Earnings and EPS
Q2 FY 2009 Q2 FY 2008
Diluted EPS from Diluted EPS from
Operating Continuing Operating Continuing
Earnings ($M) Operations Earnings ($M) Operations
GAAP consolidated $538 $0.88 $519 $0.89
Special items (Note) $20 $0.04 $30 $0.05
Impairments, (gain)/loss on sale of assets and other,
net (Note) $7 $0.01 ($23) ($0.04)
Spinoff costs not included in special items or
impairments, (gain)/loss on sale of assets and other,
net (Note) $0.4 $0.00 - -
Non-GAAP consolidated $565 $0.93 $526 $0.90
Note: Costs associated with the spinoff are as follows:
Spinoff costs included in special items or
impairments, (gain)/loss on sale of assets and other,
net $14.1
Spinoff costs not included in special items or
impairments, (gain)/loss on sale of assets and other,
net $0.4
Total spinoff costs $14.5
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7. Healthcare Supply Chain Services
Business Analysis
Q2 FY09 Q2 FY08
($M) ($M) % Change
Revenue 24,096 22,346 8%
Segment Profit 333 315 6%
Highlights:
• Total revenue up 8% on growth in the pharma and medical supply chain business
• Revenue from bulk pharmaceutical customers1 up 15% on increased volumes from existing
customers
• Revenue from non-bulk pharmaceutical customers2 up 2%, driven by growth in the hospital
market and the Borschow acquisition, partially offset by the previously reported shift in volume
from non-bulk to bulk from a large customer and residual impact of controlled substance anti-
diversion
• Segment profit up 6%, driven by increased profit dollars from generic products, branded price
inflation, sales volume growth, and strong performance in nuclear pharmacy, partially offset by
pharma customer repricings and controlled substance anti-diversion impact
1Bulk pharmaceutical customers consist of Healthcare Supply Chain Services customers to which the segment distributes
pharmaceutical, radiopharmaceutical and over-the-counter health care products to the customers’ centralized warehouse
operations and mail order businesses
2Non-bulk pharmaceutical customers consist of Healthcare Supply Chain Services customers to which the segment
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distributes pharmaceutical, radiopharmaceutical and over-the-counter health care products other than bulk customers
8. Clinical and Medical Products
Business Analysis
Q2 FY09 Q2 FY08
($M) ($M) % Change
Revenue 1,215 1,133 7%
Segment Profit 198 171 16%
Highlights:
• Segment revenue up 7% over prior year due to organic growth in dispensing, infusion, and infection
prevention, and the Enturia acquisition, partially offset by the negative impact of foreign exchange
• Segment profit up 16% on the Enturia acquisition and organic growth, significantly dampened by the
impact of foreign exchange and the residual impact of the increases in the cost of raw materials
• Enturia performing above expectations
• Committed contracts across infusion, dispensing, respiratory are challenged due to hospital capital
spending deferral
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9. FY09 Financial Goals
February 5, 2009
Total revenue growth:
6-7%
Non-GAAP EPS1: $3.50 - $3.60
Revenue Profit
Segment Growth Growth
Healthcare Supply Chain Services (HSCS) >6% Flat to (5%)
Flat to better
Clinical and Medical Products (CMP) Flat to better
1 Non-GAAP diluted earnings per share from continuing operations
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10. FY09 Assumptions Update:
February 5, 2009
• Capital deployment
– Share repurchases to no more than offset equity compensation issuances
– Expect to continue regular $0.14 quarterly dividend until spinoff is completed
• Portfolio rationalization/review
– MedSystems sale closed 8/29/08
– Tecomet sale closed 9/26/08
– Review of Medicine Shoppe International and Pharmacy Services ongoing
• Non-GAAP effective tax rate of ~34% for the year
• Interest and other slightly above $200M for the year
• Special items, impairment and other costs related to spinoff not included in guidance
– Anticipate a significant portion of costs related to spinoff may be classified as special
items in accordance with company practices
– May incur in the range of $200M - $230M in expenditures in connection with the spinoff up
to and including the effective date
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11. HSCS Update
• Pharmaceutical
– All controlled substances distribution centers on-line
– Regaining momentum with non-bulk customers
– Solid progress with generic programs
– Strong nuclear pharmacy quarter, with new contracts signed
• Medical
– Solid quarter in Med Supply Chain with double-digit profit
growth
– Continued focus on efficiency and SKU management
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12. CMP Update
• Q2 results solid despite challenging market climate
– Organic growth in dispensing, infusion, infection prevention
– Strong contribution from Enturia
– Substantial, negative impact from F/X, commodities
• FY09(E) segment profit flat or better vs. FY08
– Disposables (~40% of sales) are steady, recurring stream
– Hospitals deferring capital spending
– Investment in R&D continues
• Future growth drivers
– Pipeline of innovative, clinically differentiated products
– Strong global expansion opportunities
– Differentiated focus on patient safety
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14. FY 2009 Priorities
• Continue to invest in enhancing quality and
regulatory systems
• Return HSCS to steady growth
• Continue to invest in CMP growth
Complete integrations (VIASYS®, Enturia, Borschow)
•
• Prepare organization for and execute spinoff
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