Shares of Becton Dickinson (NYSE:BDX) slipped 4.4 percent today after the company announced a 24.4 percent profit slide and missed Wall Street’s expectations for its Q4 earnings.
BD posted profits of $300.0 million, or $1.36 per share, on sales of $2.05 billion for the three months ended Sept. 30. That compares with profits of $396.7 million, or $1.68 per share, on sales of $1.87 billion during the same period last year.
Excluding one-time items, adjusted earnings were $1.39 cents per share, 2 cents under the $1.41 expected by analysts on The Street. Analysts were expecting adjusted EPS of $1.41.
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For the full year, Franklin Lakes, N.J.-based BD reported profits of $1.27 billion – down 3.5 percent – or $5.59 per share, on sales of $7.83 billion. That compares with profits of $1.32 billion, or $5.49 per share, on sales of $7.37 billion during fiscal 2010.
Excluding one-time items, adjusted EPS were $5.62 for 2011. Analysts were looking for adjusted full-year EPS of $5.66.
“We are pleased with our solid finish to fiscal year 2011. Despite a challenging business environment, all segments contributed to our success and growth,” president & CEO Vincent Forlenza said in prepared remarks. “We will continue to drive operational efficiencies and make capital and R&D investments to support our innovation strategy as we look to fiscal year 2012 and beyond.”
BD said it expects fiscal 2012 revenue growth of roughly 1 to 3 percent, reflecting "the anticipated effects of lower healthcare utilization, reduced research funding and global macroeconomic conditions," according to a press release. Diluted EPS for the coming year are pegged at $5.75 to $5.85.
The company also announced plans to buy back $1.5 billion worth of its own stock during FY2012, using cash flow and debt financing to fund the repurchasing.
BDX shares were trading at $72.75 as of about 1:15 p.m. today, down 4.4 percent on the day.
MassDevice keeps a close eye on public medical device companies, tracking their quarterly sales and earnings reports. For the most recent filings, check out our Earnings Roundup, where we collect each quarter’s reports.
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