C.R. Bard Inc.'s (BCR) second-quarter profit jumped 44% with help from prior-year charges and ongoing cost-cutting that has helped shield the bottom line from pressure on sales growth linked to the economic downturn.

The company said it won't hit its goal of growing sales in a double-digit range this year, after falling well short of that target in the year's first two quarters, but it continues to aim for full-year 14% growth in per-share earnings.

Though Bard announced a restructuring plan in April alongside a first-quarter sales miss, Timothy M. Ring, the company's chairman and chief executive, stressed that these were moves long in development. The company won't compromise the business to hit an earnings target, he said on a call with analysts Wednesday.

"We absolutely will not sacrifice our long-term strategy for short-term results," Ring said.

Bard shares slipped 1.9% to $71.48 in after-hours trading after declining 2.3% during Wednesday's regular trading session.

Bard's varied portfolio of often-disposable products appeared through last year to offer cover against cutbacks at hospitals, where pricey capital equipment has been a more obvious target for cutbacks. However, sales fell short of Wall Street estimates in the first quarter as distributors reduced their inventory on certain Bard products.

C.R. Bard posted a profit of $112.2 million, or $1.11 a share, up from $77.9 million, or 76 cents a share, a year earlier. Excluding restructuring and other charges, earnings rose to $1.23 from $1.10.

The company in April projected a range of $1.18 to $1.22 a share, and analysts surveyed by Thomson Reuters had expected, on average, $1.21 a share.

Revenue climbed 1.2% to $624.6 million, or 6% excluding currency changes, missing both company and Wall Street projections.

The company, which announced a restructuring plan in April, has been controlling its costs. Gross margin in the recent quarter improved to 61.8% from 60.6% a year ago.

Amid Bard's reduced costs, however, research and development expenses rose 9.2%.

"We are carefully managing our discretionary expenses while continuing to invest in R&D and business development to support our growth objectives," Ring said in a press release.

Among Bard's product areas, sales of vascular products rose 3% in the quarter to $169.1 million, or 11% excluding the impact of foreign currency.

Sales in the urology business declined 1% to $174.7 million, but were up 3% excluding currency. This business continued to feel a pinch from distributor cutbacks in the second quarter, but the effect was lighter than it was in the first quarter.

Sales in the oncology business rose 2%, or 6% excluding the currency impact.

Looking ahead, Bard forecasts 6% to 8% sales growth in the third quarter, excluding currency, and Ring said the company now sees growth of 6% to 7% on the year.

The company is targeting $1.25 to $1.29 a share in third-quarter earnings.

-By Jon Kamp, Dow Jones Newswires; 617-654-6728; jon.kamp@dowjones.com

(Joan E. Solsman and Kevin Kingsbury contributed to this report.)