C.R. Bard (NYSE:BCR) released its 2nd quarter earnings yesterday, topping the Street’s expectations and adjusting its outlook for the rest of the year.
The Murray Hill, N.J.-based company reported profits of $159.2 million, or $2.11 per share, on sales of $931.5 million for the 3 months ended June 30.
That’s a significant turnaround from the $54.7 million loss it reported during the same period last year, along side sales which 8.3% from 2015.
After adjusting to include 1-time items, profits were $191.2 million and earnings per share were at $2.54.
Bard handily topped analysts expectations for the corner, with the street looking for $915.2 million in revenue and $2.47 in earnings per share.
“We continue to see strong results as we prioritize product leadership across the globe. Our commitment to innovation and product differentiation, along with a focus on delivering economic benefits to the healthcare system, have driven global demand for our products, and our targeted investments in emerging markets continue to expand our presence internationally. We believe this investment approach positions us well to continue to provide attractive returns to our shareholders,” CEO Timothy Ring said in a press release.
The company adjusted its 2016 financial guidance, expecting to see net sales increase between 7% and 8%. Earnings per share are expected to be between $10.10 and $10.20, up 11% to 12% compared to 2015.
Shares went unchanged in after-hours and pre-market trading, staying at $231.47.
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