The multinational medical technology company expects quarterly revenue of $4.16 billion for the first fiscal quarter ended Dec. 31, an increase of 35.1% from the prior year, primarily due to the acquisition of C. R. Bard, the company said. On a comparable, currency-neutral basis, revenue grew 5.2%.
Preliminary earnings per share of $2.70 increased 8.9% from $2.48 the prior year, or 14.9% on a currency-neutral basis. Analysts were forecasting earnings of $2.59 a share.
The company reaffirmed its fiscal year 2019 revenue and EPS guidance. Full fiscal year 2019 revenue is expected to increase 8.5% to 9.5% and adjusted earnings per share is expected at between $12.05 and $12.15. That would result in growth of about 10% from 2018. Consensus was expecting full-year 2019 EPS at $12.11 and a majority of analysts have a buy rating on the stock.
The company said the beat is due to the timing of certain tax items and better-than-expected performance across all three of its medical technology segments.
The stock has declined5.6% in the past three months while the S&P 500 dropped 6.9% in the same period.
BD will hold its earnings call on Feb. 5.