Shares of Becton Dickinson & Co. (NYSE:BDX) are up this morning after the medical products maker beat expectations for its fiscal 1st quarter and raised its outlook for the rest of fiscal 2015.
BD posted profits of $236 million, or $1.20 per share, on sales of $2.05 billion for the 3 months ended Dec. 31, 2014, for a bottom-line slide of 12.9% on sales growth of 1.8%.
Excluding some $97 million in pre-tax expenses, however, adjusted earnings per share were $1.53, a full dime ahead of analysts’ expectations (Wall Street was also looking for sales of $2.01 billion). Much of the excluded expenses stemmed from the pending acquisition of CareFusion (NYSE:CFN), BD said.
"We are off to a really good start this fiscal year," chairman, president & CEO Vincent Forlenza said in prepared remarks. "Both segments contributed to revenue growth, aided by flu-related sales. Our revenue growth and good operating performance this quarter gives us the confidence to raise guidance for fiscal year 2015."
BD said it now expects adjusted EPS to grow 9% to 10% to $6.50-$6.57, up from 8% to 9%, on constant-currency sales growth of about 5%, up from prior guidance of 4.5% to 5%.
The revised outlook doesn’t include the $12 billion deal for CareFusion, which is slated to close during BD’s fiscal 2nd quarter ending March 30.
BDX shares were up 4.2% to $145.80 apiece today in late-morning activity.