C.R. Bard Inc. managed to post gains in sales and earnings during the third quarter, despite the weak dollar’ bite on its international sales, which took a 7 percent gain into negative territory.
The Murray Hill, N.J.-based medical devices giant said it posted net income of $129.5 million on sales of $637 million during the three months ended Sept. 30, compared with net income of $111.2 million on $616.8 million in sales during the same period last year. Those add up to an income gain of 16.5 percent and a sales gain of 3.3 percent.
The picture changes substantially once the sting of foreign exchange rates is excluded, however; third-quarter sales rose 6 percent under that scenario, and Bard’s $194.4 million in international sales went from a decline of 1 percent to a 7 percent gain.
Bard managed to reduce costs nearly across the board, the sole exception being its research & development budget. Cost of goods sold fell by nearly 1 percent and marketing, selling and administrative expenses by 3.5 percent; R&D costs rose by 1.1 percent. Total third-quarter costs fell by nearly 3 percent to $451.8 million, compared with $455.5 million during the 2008 third quarter.
