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Bergen Brunswig Profit Rises 29%, Beating Expectations

November 04, 1998|From Times Wire Services

Bergen Brunswig Corp. said Tuesday that its fiscal fourth-quarter profit rose 29%, more than expected, driven by rising demand for pharmaceuticals distributed by the No. 3 U.S. drug wholesaler.

Profit before charges rose to $26.8 million, or 52 cents a share, in the quarter ended Sept. 30 from $20.8 million, or 41 cents, a year earlier. Revenue, including sales to customers' warehouses, rose 21%, to $4.64 billion from $3.84 billion.

Analysts had expected Orange-based Bergen to earn 50 cents a share.

Bergen shares rose $4.13 to close at $53.31 on the New York Stock Exchange.

During the quarter, the planned $4.5-billion acquisition of the company by No. 2 wholesaler Cardinal Health Inc. was blocked by a federal judge who ruled the combination would hurt competition in the industry.

At a Glance

* San Diego-based Qualcomm Inc. reported that its fiscal fourth-quarter profit rose by a third, beating expectations, driven by strong sales of its wireless phones and network equipment. Net income for the quarter ended Sept. 27 rose to $40 million, or 54 cents a share, from $30 million, or 42 cents, a year earlier. That was more than analysts' average estimate of 50 cents. Sales increased 54%, to $926 million from $601 million in the year-earlier period.

* U.S. Filter Corp., the Palm Desert-based water treatment company, reported a 79% increase in its fiscal second-quarter net income of $60.2 million, or 36 cents per share, compared with $33.6 million, or 25 cents, a year ago. Revenue increased 30%, to $1.2 billion from $938.2 million a year ago.

* Santa Monica-based Fremont General Corp. reported a 19% rise in third-quarter profit of $34.2 million, or $1.07 per share, on revenue of $253 million, compared with $28.8 million, or 97 cents, on revenue of $267.3 million a year ago.

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