C.R. Bard (NYSE:BCR) beat expectations with its 3rd-quarter results and raised its earnings outlook for the rest of 2015 yesterday, despite a swing to red ink.
Murray Hill, N.J.-based Bard posted losses of -$86 million, or -$1.16 per share, on sales of $865.7 million for the 3 months ended Sept. 30. Although sales grew 4.3% compared with Q3 2014, Bard put up profits of $131.3 million during that period last year.
Adjusted to exclude 1-time items, profits were $174.7 million or $2.28 per share, 5¢ ahead of expectations on Wall Street, where analysts were looking for sales of $852.9 million.
“Nearly 3 years ago, we projected that executing our strategic investment plan would help us return to the top end of our sector from an organic revenue growth perspective in 2015, and that has happened. We are pleased with the strong results across the organization, and we remain focused on our plan to continue to deliver above-market revenue growth in a profitable manner over the long-term to enhance shareholder value,” chairman & CEO Tim Ring said in prepared remarks.
CFO Christopher Holland told analysts during a conference call yesterday that the company is raising its sales and earnings outlooks for the rest of the year. Adjusted earnings per share are now expected to be $9.03 to $9.07, up from prior guidance of $8.95 to $9.05. Organic sales growth is forecast to be between 5% and 6%, Holland said.