DOW JONES NEWSWIRES
C.R. Bard Inc.'s (BCR) third-quarter profit fell 1.5% on acquisition and other charges as the medical-products maker reported revenue below analysts' expectations.
The company--which makes vascular, urology and oncology devices--had seen profit and sales rebound in recent quarters as health-care spending has rebounded somewhat, although Americans have been cutting back on medical care lately.
C.R. Bard posted earnings of $127.5 million, or $1.34 a share, compared with $129.5 million, or $1.31 a share, a year earlier. Shares outstanding fell 4% and the latest quarter included 9 cents of charges. Revenue rose 6.5% to $678.4 million and climbed 8% excluding currency fluctuations.
Analysts, on average, expected earnings of $1.40 on revenue of $686.74 million.
The company in July gave a mixed third-quarter forecast: earnings of $1.37 to $1.41 on revenue of $688 million to $701 million.
Gross margin rose to a record 62.9% from 62.2%, but that was more than offset by overhead costs climbing 13%.
The vascular business was Bard's biggest by revenue, and it climbed 13% on a constant currency basis. Similarly sized urology and vascular had lower growth.
Shares of C.R. Bard closed Thursday at $85.14 and were inactive after-hours.
-By Yogita Patel and Kevin Kingsbury, Dow Jones Newswires; 212-416-2262; firstname.lastname@example.org