Healthcare giant C.R. Bard (NYSE:BCR) posted major profit growth in its 1st quarter, beating Wall Street’s expectations with its adjusted per-share earnings.
The Murray Hill, N.J., company’s profits gained 63.6% year-over-year, and its adjusted EPS of $1.91 beat analysts’ consensus estimate by 6¢.
The gains did little for the company’s share price, which stayed flat on Tuesday after the earnings announcement. BCR shares have gained 1.7% since the start of the year.
In total Bard posted profits of $148.4 million, or $1.86 per diluted share, on sales of $799.3 million during the 3 months ended March 31. That compared with profits of $90.7 million, or $1.08 per share, on sales of $740.3 million during the same period last year.
"The financial results in the 1st quarter reflect a positive start to the year, as we exceeded our expectations for both sales and earnings per share," chairman & CEO Timothy Ring said in prepared remarks. "The organization is focused on executing our strategic investment plan with the objective of improving the long-term growth profile of the business."
Bard reported significant growth in all of its businesses, with particular improvement in its surgical specialties division, which gained 13%. The vascular business gained 8% during the quarter and urology gained 7%, while oncology grew 6% in Q1.