Bard posts Q3 earnings that beat on EPS, miss on sales

C.R. Bard (NYSE:BCR) today released what could be its final quarterly report as a stand-alone company, posting third quarter EPS that beat the Street’s expectations but sales that fell just short.

The Murray Hill, N.J.-based company posted profits of $94.1 million, or $1.25 per share, on sales of $989.8 million for the 3 months ended September 30, seeing the bottom line shrink 2.4% while sales grew 5.1% compared to the same period during the previous year.

After adjusting to exclude 1-time items, earnings per share were $3.02, just above the $2.95 consensus on Wall Street where analysts were expecting to see sales of $992.1 million.

“After over 110 years of operations, with 54 years as a public company, we believe this to be our last quarterly report as a stand-alone company, as we expect the merger with Becton Dickinson and company to be completed before the next reporting cycle. I want to thank our employees and directors for their tireless work and commitment to excellence over the years. I also want to thank our investors for their outstanding support. We believe the merger with BD will create a unique combination that will deliver meaningful benefits for customers and patients and provide long-term shareholder returns,” chair & CEO Timothy Ring said in a press release.

The company adjusted its 2017 revenue guidance, expecting to see net sales increase between 5.5% and 6% with diluted earnings per share between $11.85 and $11.90, according to a press release.

C.R. Bard also updated on the status of its Puerto Rico manufacturing operations, saying that it has accounted for all of its employees and that all are safe. The company said its facilities had sustained minor damage which had been repaired, and that manufacturing had resumed at the facilities.

Bard said that though the disruption is expected to have a negative impact on its 4th quarter revenue and operations, it expects the impact will be temporary and resolved by the end of 2017.

The company saw steady trading today, down 0.03% to close at $328.03.

Last week, Becton Dickinson (NYSE:BDX) secured anti trust approval in the European Union for its $24 billion acquisition of Bard after selling 2 subsidiaries to remove concerns over competition.

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