Becton Dickinson (NYSE:BDX) today beat the consensus Wall Street forecast for both its fiscal fourth-quarter and full-year results as it prepares to close its blockbuster $24 billion merger with C.R. Bard (NYSE:BCR).
Franklin Lakes, N.J.-based BD posted profits of $289 million, or $1.24 per share, on sales of $3.17 billion for the three months ended Sept. 30, for a bottom-line increase of 1,421.1% on a -2.0% sales decline compared with fiscal Q4 2016, when the company was still digesting the impact of its $15 billion acquisition of CareFusion in 2015.
Adjusted to exclude one-time items, earnings per share were $2.40, 3¢ ahead of The Street, where analysts were looking for sales of $3.15 billion.
Full-year profits were $1.03 billion, or $4.60 per share, on sales of $12.09 billion, amounting to a 5.5% bottom-line gain on a -3.1% sales slip compared with fiscal 2016. Adjusted to exclude one-time items, earnings per share reached $9.48, 2¢ ahead of The Street, where the revenue expectation was set at $12.07 billion.
“We are very pleased with our strong fourth quarter and fiscal 2017 results,” chairman & CEO Vincent Forlenza said in prepared remarks. “Our performance this year demonstrates our ability to overcome multiple headwinds and deliver on our commitments. We enter fiscal 2018 with continued momentum in our core and look forward to the successful closing of the C.R. Bard acquisition. We believe there are significant opportunities ahead for BD as we continue to deliver innovative healthcare solutions to our customers and their patients around the world.”
BD said it expects to report adjusted EPS of $10.55 to $10.65 on constant-currency sales growth 4.0% to 5.0%, excluding the impacts of recent hurricanes and the Bard merger. The company said the fallout from Hurricane Maria in Puerto Rico could deliver a -$40 million top-line hit, which would translate to a -1% hit on adjusted EPS.