(By Balachander) Becton Dickinson and Co. (NYSE: BDX) posted higher earnings for the first quarter on revenue growth across its three segments and the medical technology company raised guidance its for 2013.
Earnings per share (EPS) from continuing operations were $1.35, up 18.4 percent from last year. First-quarter net income jumped to $625.4 million from $262.9 million.
Revenue was $1.90 billion, up 5.2 percent on a foreign currency-neutral basis. Revenue in the U.S. rose 3.0 percent, while revenue outside of the U.S gained 4.3 percent.
Wall Street analysts, on average, expected EPS of $1.24 on revenue of $1.86 billion for the three months ended December.
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BD Medical and Diagnostics segment revenue increased 3.5 percent and 5 percent, respectively. Revenue rose 1.7 percent at the company's BD Biosciences segment.
For 2013, Franklin Lakes, New Jersey-based BDX forecasts EPS from continuing operations to grow 7.5 percent to 8.0 percent on a foreign currency-neutral basis, while analysts expect EPS to rise 5 percent to $5.65.
The company lifted the bottom end of its revenue growth outlook to 4.0 percent to 4.5 percent from 3.5 percent to 4.5 percent on a foreign currency-neutral basis.
BDX shares closed at $85.16 on Monday. The stock has been trading between $71.56 and $85.89 over the past year.