Becton Dickinson (NYSE:BDX) shares gained nearly 4% today after the medical products giant posted fiscal 4th-quarter and full-year results that met or beat the consensus forecast on Wall Street.
Franklin Lakes, N.J.-base BD posted profits of $19 million, or 9¢ per share, on sales of $3.23 billion for the 3 months ended Sept. 30, marking a -89.3% bottom-line slide on sales growth of 5.6% compared with Q4 2015. BD said the profit decline was “primarily due to charges related to the attainment of cost synergies” from its $15 billion acquisition of CareFusion last year.
Adjusted to exclude that and other 1-time items, earnings per share were $2.12, 3¢ ahead of The Street, where analysts were looking for sales of $3.22 billion.
Full-year profits grew 40.4% to $976 million, or $4.49 per share, on sales of $12.48 billion, for a top-line gain of 21.4% compared with fiscal 2014. Adjusted EPS were $8.59, again 3¢ ahead of The Street, but full-year revenues were in line with the consensus for $12.48 billion.
“We are extremely proud of our accomplishments during our first fiscal year as the ‘new’ BD,” chairman, president & CEO Vincent Forlenza said in prepared remarks. “Our solid revenue growth and continued margin expansion allow us to invest in innovation while delivering double-digit increases in earnings. We look forward to fiscal 2017 with confidence as we continue to focus on improving outcomes, expanding access to care, lowering costs and optimizing safety, which will ultimately enrich our purpose of advancing the world of health.”
BD said it expects to report adjusted EPS of $9.62 to $9.72 on constant-currency sales growth of 4.5% to 5.0% (sales are expected to slide -3.0% to -3.5% mostly due to the sale of a 50.1% stake in BD’s respiratory business to a private equity buyer.
BDX shares were up 3.7% to $173.11 apiece today in mid-day trading.