C.R. Bard 3Q Net Down 1.5% On Charges; Sales Fall Short

Date : 10/21/2010 @ 5:07PM
Source : Dow Jones News
Stock : C.R. Bard, Inc. (BCR)
Quote : 318.63  0.0 (0.00%) @ 8:48AM

C.R. Bard 3Q Net Down 1.5% On Charges; Sales Fall Short

Bard C R (NYSE:BCR)
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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; yogita.patel@dowjones.com

 
 

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