Becton Dickinson & Co. (NYSE:BDX) today reported its 1st quarterly results since its $12 billion acquisition of CareFusion closed in March, saying the deal pushed its top line up nearly 45% compared with the fiscal 3rd quarter last year.
The bottom line didn’t fare as well. BD posted profits of $62 million, or 29¢ per share, on sales of $3.12 billion, marking an -81.0% decline compared with the same period last year. Still, the company managed to top Wall Street’s consensus earnings forecast by 4¢, with adjusted EPS coming in at $2.05. Analysts on The Street were looking for sales of $3.13 billion.
“We are pleased with our performance this quarter, which includes the results of CareFusion, and marks a historic milestone for BD,” chairman, president & CEO Vincent Forlenza said in prepared remarks. “We are progressing well with the integration of CareFusion and are on track to achieve the accretion targets we communicated for fiscal 2015 and 2016. We have confidence in our increased earnings outlook for fiscal year 2015 and remain committed to serving our customers with superior healthcare products.”
BD raised its earnings outlook, saying it now expects adjusted EPS of $7.08 to $7.12 for fiscal 2015, up from prior guidance of $7.00 to $7.10. The company said organic sales growth is expected to be 4.5%, down from 5.0% previously on foreign exchange effects. BD also raised the low end of its constant-currency growth estimate, to 28.5% to 29.0% compared with 28.0% to 29.0% previously.