Medical device maker Becton, Dickinson (BDX 0.32%) gave investors a shot in the arm today reporting strong financial results for its second fiscal quarter and raising its guidance for the full year.
Top-line numbers of $2 billion came in just ahead of Capital IQ analyst consensus views of $1.99 billion while profits of $275.6 million, or $1.39 per share, beat Wall Street's view by $0.04 per share, a 3% surprise to the upside.
Sales in the U.S. were relatively flat in the quarter, coming in 0.3% higher year over year, while international revenues jumped more than 6% from the prior period (but by almost 7% on a constant currency basis) primarily as a result of emerging market growth. In both its medical and diagnostic segments, BD enjoyed solid 4% growth while its biosciences division saw revenues rise by barely more than half a percent.
BD CEO Vincent A. Forlenza said: "We continued to deliver solid performance in the second quarter. Our results for the first half of the year give us the confidence to raise guidance for fiscal year 2013."
Previously, Becton had estimated earnings for 2013 would come in a range of $5.69 to $5.73 per share, but it's gone ahead and raised the high and low ends of its outlook by $0.03, which represents growth of 6.5% to 7% over adjusted earnings in 2012 of $5.37 per share.
After adjusting for the impact of the medical device tax that was imposed at the start of the year to help pay for health care reform, and for foreign currency fluctuations, BD says adjusted earnings per share are expected to grow 11% to 11.5%. Moreover, it continues to expect repurchasing about $500 million of its stock this year.
Headquartered in Franklin Lakes, N.J., Becton, Dickinson has been in operation since 1897 and employs nearly 30,000 associates in more than 50 countries throughout the world.
