The Franklin Lakes, N.J.-based healthcare giant posted profits of $344 million, or $1.58 per share, on sales of $2.97 billion for the 3 months ended March 31, boosting the bottom line by 1.8% despite a -3.2% sales decline. BD said cited the divestiture of the controlling stake in its respiratory solutions business for the top-line reversal.
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Adjusted to exclude 1-time items, earnings per share were $2.30, 7¢ ahead of expectations on Wall Street, where analysts were looking for sales of $2.92 billion. BDX shares, which closed down -0.3% at $186.38 apiece yesterday, slipped another -0.4% in pre-market activity today to $185.61 per share.
“We are very pleased with our strong 2nd-quarter and year-to-date performance, and move forward with strong momentum,” chairman & CEO Vincent Forlenza said in prepared remarks. “Both segments contributed to revenue growth, demonstrating the breadth and diversity of the growth drivers within our portfolio. We remain confident in our outlook for fiscal 2017 and our ability to create value for our shareholders.”
The company, which last month agreed to acquire C. R. Bard (NYSE:BCR) for $317.00 per share in a cash-and-stock deal worth $24 billion, said it’s “making some changes to its U.S. dispensing business model as it continues to reinvent the medication management process.” BD said it plans to move from a capital placement model to a value-based software model to “create a more robust and customer-focused business.”
Becton Dickinson stood pat on its forecast for the balance of the fiscal year, saying it still expects to report adjusted EPS of $9.70 to $9.80 despite a sales decline of -3.5% to -4.0%.