Becton Dickinson (BDX) posted an 18% drop in first-quarter earnings, but the medical device company matched estimates and reaffirmed guidance for the year.
The Franklin Lakes, N.J., company made $156 million, or 60 cents a share, from continuing operations for the quarter ended March 31, down from the year-ago $187 million, or 71 cents a share. Excluding certain items, latest-quarter earnings were 79 cents a share, 2 cents better than the Thomson Financial estimate. Revenue rose 6% from a year ago to $1.45 billion, matching the Thomson target.
"We are very pleased with our strong second-quarter results, which exceeded our expectations," said CEO Edward J. Ludwig. "We also closed the acquisition of GeneOhm, which will enable BD to further progress in the emerging field of health care-associated infections. The company is well positioned to become a leader in the prevention and management of this global health care problem."
The company said it expects to make 77 cents on a pro forma basis for the third quarter and $3.20 for the year, in line with Wall Street estimates.