Becton Dickinson & Co. (NYSE:BDX) beat Wall Street’s expectations for its fiscal 2nd-quarter earnings, despite sales coming in under analysts’ consensus forecast, and the medical device company held to its outlook for the rest of the year.
But profits for the 3 months ended March 31 plunged -24.7% to $216 million, or $1.08 per share, on a -1.0% sales decline to $2.05 billion, compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were $1.61, 8¢ ahead of The Street. Analysts were looking for sales of $2.08 billion.
BD said its $12.2 billion acquisition of CareFusion, which closed in March, resulted in pre-tax charges of $113 million, or $66 million after tax.
Becton said it still expects to report adjusted EPS of $7.00 to $7.10, including CareFusion, on sales growth of 5.0% on a constant-currency basis. Including CareFusion’s contribution, revenues are expected to grow 28.0% to 29.0% in constant currency, with organic growth estimated at about 4.5%.
"We are proud of our final standalone quarter, as we welcome CareFusion to BD," chairman, president & CEO Vincent Forlenza said in prepared remarks. "Our performance this quarter demonstrates the breadth of the growth drivers across our businesses and regions, and highlights the diversity of our portfolio. We look forward to the future with confidence as we integrate the acquisition of CareFusion."
BDX shares slid -2.2% to $138 even in pre-market trading today.