NEW YORK (GenomeWeb News) – Becton Dickinson said today that its revenues swelled 10 percent in its fiscal third quarter, with growth coming from across all its divisions.
BD had total revenues of $2.01 billion for the three-month period ended June 30, compared to $1.83 billion for the third quarter of 2010.
Sales for the BD Medical segment rose around 10 percent to $1.04 billion from $945.5 million year over year; sales for the BD Diagnostics segment were up nearly 10 percent to $631.4 million from $576.3 million; and sales for the BD Biosciences business increased 9 percent to $337.9 million from $309.1 million, with the majority of its Biosciences growth being driven by international sales.
The firm's net income for the quarter was $343.1 million, or $1.53 per share, up 12 percent compared to net income of $306.9 million, or $1.29 per share, for the third quarter of 2010. That performance beat analysts' average expected earnings of $1.43 per share on estimated revenues of $1.99 billion.
BD's spending on research and development increased 7 percent to $115.7 million from $108 million in the year-ago period, and its SG&A expenses were up 14 percent at $474.6 million versus $416.5 million from a year ago.
The Franklin Lakes, NJ-based company said it expects revenue growth for the full fiscal year to be at the high end of 5 percent to 6 percent compared to 2010, due to the effects of favorable currency.
The firm also is raising its full-year 2011 guidance for EPS to a range of $5.65 to $5.70, which would represent an increase of between 15 and 16 percent from a year ago. The company had earlier given guidance of $5.55 to $5.65.
“We are pleased with our solid results this quarter, with all three segments contributing to growth,” said company Chairman and CEO Edward Ludwig, in a statement. “Gross margin expansion reflecting favorable product mix has offset some of the headwinds we have been facing as a result of a challenging macroeconomic environment and increased raw material costs.”
In early morning trading on the New York Stock Exchange, shares of BD were down more than 1 percent to $81.20.