AmerisourceBergen Corporation announced unaudited consolidated earnings results for the first quarter ended December 31, 2013. For the quarter, the company's revenue was $29,176,362,000 against $21,059,811,000 a year ago. Operating income was $159,616,000 against $299,440,000 a year ago. Income before income taxes was $141,381,000 against $280,938,000 a year ago. Income from continuing operations was $48,931,000 or $0.21 per diluted share against $174,621,000 or $0.74 per diluted share a year ago. Net income was $41,385,000 or $0.17 per diluted share against $168,611,000 or $0.71 per diluted share a year ago. Net cash used in operating activities were $1,003,643,000 against $241,707,000 a year ago. Capital expenditures were $59,183,000 against $56,286,000 a year ago. Adjusted revenue was $29,176,362,000 against $21,059,811,000 a year ago. Adjusted operating income was $322,732,000 against $296,402,000 a year ago. Adjusted income before income taxes was $304,497,000 against $277,900,000 a year ago. Adjusted income from continuing operations was $188,179,000 or $0.80 per diluted share against $172,731,000 or $0.73 per diluted share a year ago. Revenue was up a very strong 39%, with a sharp increase due primarily to the on-boarding of the Walgreens brand distribution business. The Increase in revenue was due to strong revenue growth in both of segments, but especially Pharmaceutical Distribution. Adjusted gross profit was $725 million, up nearly 12% compared to last year's quarter. The increase was primarily due to the revenue increase within the Pharmaceutical Distribution segment.


The company provided earnings guidance for the fiscal year 2014. For the year, the company continues to expect adjusted diluted earnings per share from continuing operations in fiscal year 2014 to be in the range of $3.60 to $3.73, a 12% to 16% increase over fiscal 2013. The company has increased revenue growth expectations to a range of 30% to 34%, and continue to expect adjusted operating income growth in the 12% to 16% range. The company now expect adjusted operating margin to decline in the 20 basis points to 23 basis points range due to the on-boarding of significant new lower margin business and growth in brand pharmaceutical business with the company's large customers. The company continues to expect to generate free cash flow in the range of $500 million to $700 million, with capital expenditures in the $300 million range, and to spend approximately $500 million in share repurchases, subject to market conditions. Going forward, the company expects its annualized effective tax rate to be in the low 38% range.