Medical technology giant Becton Dickinson & Co. (NYSE:BDX) is still navigating choppy waters in the 3rd quarter, posting a strong sales but taking a hit its bottom line due, in part, to a $22 million class action lawsuit and continued device tax woes.
A nearly 8% dip in profits sent shares down more than a dollar, hovering just above $102 on the Street yesterday morning. Shares BDX regained some of those losses to close at $103.11 last night, a 0.6% drop on the day.
The Franklin Lakes, N.J.-based device maker’s per-share earnings were a mixed tale, with the company reporting diluted EPS at $1.47, a 3.3% decline compared to the same period last year.
Excluding the costs of s a $22 million antitrust lawsuit that hit the books this quarter, and continued struggles from the medical device excise tax that kicked off this January, the adjusted figure rings in at $1.54 for the company’s continued operations. The device tax in particular cut about 4¢ per share for Becton’s bottom line, according to the report. The adjusted EPS figure beats the $1.48 consensus estimate on Wall Street.
In a reversal from May’s Q2 numbers, Becton posted strong sales and weak profits 3rd-quarter 2013. The company reported $2.05 billion in sales compared to last year’s $1.98 billion, a 3.6% increase. Profits took a 7.7% dive compared to the same quarter last year, from $3.3 million in 2012 to $3 million this year.
"Our solid results against the backdrop of a challenging environment demonstrate that we are executing on our strategy and delivering on our commitments," said chairman & CEO Vincent Forlenza in prepared remarks. "We remain confident in our fiscal year 2013 outlook."
The company affirmed its previous guidance of 5% growth for the full year, and an EPS between $5.65 and $5.68, or $5.72 and $5.75 after adjusting for the pending antitrust class action settlement.
