Bard reported profits of $131.3 million, or $1.69 per share, on sales of $830.0 million for the 3 months ended Sept. 30, representing sales growth of 9.5% compared with Q3 2013. Adjusted to exclude 1-time items, earnings per share were $2.15, a nickel ahead of The Street.
The results sent BCR shares up to $152.97 apiece as of about 10 a.m. Eastern today, for a 3.4% gain.
"We are pleased this quarter with the continued execution of our strategic investment plan that we announced at the beginning of 2013. We said at the time that we expected the investments to begin generating returns in the back half of 2014, and that is happening. We continue to focus on executing our plan with the objective of improving revenue growth and profitability," chairman & CEO Timothy Ring said in prepared remarks.
The strong Q3 results prompted the Murray Hills, N.J.-based company to raise its full-year earnings guidance. CFO Christopher Holland told analysts during a conference call yesterday that Bard now expects to report adjusted EPS $8.34 to $8.38, up from its prior outlook of $8.25 to $8.35. Fourth-quarter adjusted EPS are forecast to be between $2.22 and $2.26, Holland said. For the full year, constant-currency sales growth is slated to be between 8.5% and 9.5%, he said.