C.R. Bard Sees 1Q EPS Of $1.16-$1.18, 14% Growth In '09
30 January 2009 - 10:28AM
Dow Jones News
C.R. Bard Inc. (BCR) expects to post first-quarter earnings of
$1.16 to $1.18 per share as it works toward its full-year target of
14% earnings growth, a company official said Thursday.
The earnings guidance excludes any one-time items that could
affect the year-over-year comparison, Chief Financial Officer Todd
C. Schermerhorn said on a conference call with analysts following
Bard's fourth-quarter earnings release.
Analysts surveyed by Thomson Reuters had forecast earnings a
little higher at $1.20 per share in the quarter. Schermerhorn noted
that "it's not uncommon for us to start out a little slow," and
then to pick up the slack later on.
Bard, which makes vascular, urology and oncology products, said
last month that it expects sales growth of at least 10% this year
along with earnings growth of 14%, which has long been a goal.
Sales in the first quarter are seen rising 9% to 10% excluding
the negative impact of foreign currency, reduced from the
double-digit target by a one-time timing issue in the urology
business, but Bard continues to expect double-digit sales growth on
the year, Schermerhorn said.
The company reported fourth-quarter net income of $149.4
million, or $1.47 a share, up 42% from $105.2 million, or $1.01 a
share, a year earlier. Results were helped by a $28.3 million tax
benefit - excluding that, earnings were $1.19 a share in the recent
quarter, Bard said.
Analysts had projected $1.18 a share, on average, according to
Thomson Reuters.
Sales were $634.2 million, compared with analysts' $640.4
million forecast.
Bard shares were unchanged after-hours after closing Thursday's
regular session down 25 cents at $85.75.
-By Jon Kamp, Dow Jones Newswires; 617-654-6728;
jon.kamp@dowjones.com
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