NEW YORK (GenomeWeb) – Becton Dickinson reported today that preliminary estimates show fiscal first quarter revenues increased 35 percent, primarily due to the acquisition of C.R. Bard.
The firm reported preliminary revenues of $4.16 billion, compared to $3.08 billion in fiscal Q1 of 2018. On a currency-neutral basis, including revenues of Bard in both the current and past fiscal year, revenues increased 5 percent. Analysts had estimated first quarter revenues of $4.11 billion.
It estimated preliminary diluted earnings per share at $2.05 compared to a loss of $.76 in the prior year. Adjusted EPS was preliminarily reported to be $2.70 year-over-year compared to EPS of $2.48 in the firm's fiscal Q1 last year, which would beat the consensus Wall Street estimate of $2.61. The firm attributed the increase to the timing of certain tax items and better-than-expected performance across all three business segments.
The company reaffirmed previously issued guidance of 8.5 to 9.5 percent revenue growth, primarily due to the Bard acquisition, with 5 to 6 percent growth on a comparable, currency-neutral basis that includes Bard revenues in fiscal 2019 and the full fiscal year 2018. BD completed the acquisition of Bard in late 2017, during its fiscal second quarter.
BD has also guided for fiscal year 2019 adjusted diluted EPS of between $12.05 and $12.15, which would represent roughly 10 percent growth year over year.
On the Nasdaq, BD's shares were up about 2 percent in Thursday morning trade at $234.80.