Bard beats Q2 forecasts, halves losses

C.R. Bard (NYSE:BCR) posted a classic beat-&-raise 2nd quarter, topping both sales and earnings expectations and raising its outlook for the rest of the year.

Murray Hill, N.J.-based Bard reported losses of -$54.7 million, or -74¢ per share, on sales of $859.8 million for the 3 months ended June 30, paring its losses by -54.2% on sales growth of 4.0%.

Adjusted to exclude 1-time items, earnings per share were $2.27, a full 9¢ ahead of expectations on Wall Street, where analysts were looking for sales of $836 million.

The news sent BCR shares up 5.4% to $189.21 apiece in mid-morning trading today.

“We are pleased with the strong start to 2015, which, as we’ve said, is an important year of execution for us. More than 2 years ago, we introduced our strategic investment plan designed to accelerate the growth rate of the company and put us in a position to provide revenue growth in the mid-to-high single digits with attractive returns for shareholders. We are pleased with the results to date and we remain focused on that objective,” chairman & CEO Timothy Ring said in prepared remarks.

Bard also raised its outlook for the rest of 2015, saying it now expects adjusted EPS of $9.00 to $9.10 (up from prior guidance of $8.95 to 9.05) on organic sales growth of 5.5% to 6.5% (up from 5% to 6%).

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