C.R. Bard 1Q Profit Jumps 44 Percent

MURRAY HILL, N.J. (AP) — Medical device maker C.R. Bard Inc. said Wednesday its first-quarter profit rose 44 percent as it cut costs through a restructuring program.

The company earned $112.5 million, or $1.10 per share, up from profit of $78 million, or 75 cents per share, in the prior-year period. Excluding restructuring charges, the company said it earned $1.17 per share.

Revenue rose 2 percent to $596.4 million from $584 million.

Analysts polled by Thomson Reuters expected profit of $1.17 per share on higher revenue of $628.9 million.

"Despite a challenging sales quarter, due primarily to currency headwinds and distributor inventory reductions, we delivered solid adjusted earnings-per-share growth," Chairman and Chief Executive Timothy M. Ring said, in a statement.

Costs and expenses fell 9 percent to $437.3 million.

Meanwhile, sales of vascular devices, which include catheters and stents, rose 5 percent to $157.4 million while urology devices, which include infection control products, fell 3 percent to $162.8 million. Cancer treatment device sales rose 7 percent to $161 million while special surgical devices rose about 1 percent to $94.1 million.

Other products accounted for $21.1 million in sales.

Shares of C.R. Bard fell $3.41, or 4.4 percent, to $74.25 in after-hours trading after falling 35 cents to close at $77.66 during the regular trading session.