DOW JONES NEWSWIRES
C.R. Bard Inc.'s (BCR) first-quarter net income jumped 45% on
higher margins and prior-year acquisition costs as revenue fell
short of expectations.
In after-hours trading, Bard shares fell 0.9% to $77.
Makers of medical devices have been hurt as the recession forces
hospitals and individuals to cut back, though Bard's
less-discretionary product mix may make it less susceptible to
oscillations in the economy. But hospitals have been cutting back
spending as well.
Bard reported net income of $113.2 million, or $1.10 per share,
compared with $78 million, or 75 cents a share, a year earlier.
Excluding restructuring and acquisition costs, earnings rose to
$1.17 from $1.05. In late January, the company projected adjusted
earnings of $1.16 to $1.18 a share, just below analysts'
expectations at the time.
Sales climbed 2.1% to $596.4 million. Adjusting for the stronger
dollar, sales climbed 6%. Analysts, as surveyed by Thomson Reuters,
most recently anticipated $620 million.
Gross margin rose to 63.4% from 61.4% on lower costs.
The oncology segment saw the biggest sales gain, 7%, helping
make it the biggest division at Bard for the quarter. Urology
posted a 3% drop while vascular-product sales rose 5%.
-By Jay Miller and Kevin Kingsbury, Dow Jones Newswires;
201-938-2331; jay.miller@dowjones.com