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C.R. Bard (BCR) Posts Better-Than-Expected Q1 Profit

 April 24, 2012 06:22 PM

C.R. Bard Inc. (NYSE: BCR), a maker of medical, surgical, diagnostic and patient care devices, reported a 5% increase in first quarter earnings helped by better performance across its product group. Adjusted earnings came in above Street's expectations, but revenue missed consensus.

Earnings for the first quarter were $136.0 million or $1.60 per share, higher than last year's $129.3 million or $1.49 per share. Adjusted earnings rose to $136.8 million or $1.61 per share from $131.1 million or $1.51 per share.

Sales grew to $730.0 million from $700.3 million. Analysts had expected a profit of $1.57 per share on revenue of $732.97 million. Excluding the impact of foreign exchange, sales for the latest quarter increased 5%.

[Related -C.R. Bard (BCR) 4Q Earnings Increase 13 Pct, Beat Estimates]

Vascular sales increased to $209.2 million from $198.3 million, while urology sales rose to $185.1 million from $179.5 million. Oncology sales increased to $198.9 million from $186.4 million, while sales from surgical specialties declined marginally to $114.7 million from $114.9 million. Other sales rose to $22.1 million from $21.2 million.

Sales in the U.S. increased 2% to $496.2 million, while sales outside the U.S. grew 10% to $233.8 million. Excluding the impact of foreign exchange, sales outside the U.S. grew 11% over the prior-year period.

Gross margin for the latest quarter decreased to 61.7% from 62.2%.

BCR closed Tuesday's regular session up 0.15% at $97.98. The stock has been trading between $80.80 and $113.84 for the past 52 weeks.

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