CareFusion (NYSE:CFN) shares slipped today after the medical device company reported its fiscal 1st-quarter results, despite stronger-than-forecast earnings per share.
San Diego-based CareFusion posted profits of $78 million, or 36¢ per share, on sales of $830 million for the 3 months ended Sept. 30. That amounts to a profit decline of 7.1% on essentially flat sales compared with Q1 2013.
Adjusted to exclude 1-time items, EPS reached 44¢, a nickel ahead of expectations on Wall Street.
"Our team executed well and delivered solid 1st-quarter results, putting us on the right track for the full fiscal year," chairman & CEO Kieran Gallahue said in prepared remarks. "I’m pleased with the way our procedural solutions team continues to perform across the board, and, with good visibility into our capital business, we continue to anticipate a strong 2nd half of the year in medical systems. During the quarter, we continued to make strategic progress, closing our Sendal acquisition in Spain as part of our strategy to globalize the company and ramping up our R&D investments in the procedural solutions segment as we prepare to launch several new products over the next 18 months."
CareFusion said it continues to expect organic revenue growth of 1%-4% for the full fiscal year, with adjusted EPS of $2.30 to $2.40.
CFN shares were down 2.0% to $37.46 apiece as of about 10:40 this morning.
