shares jumped Wednesday after the medical supply and equipment company reported record revenue in its first quarter, as the weak dollar helped power European sales.
The New Jersey-based company posted a profit of $195 million, or 75 cents per share, compared with $125.4 million, or 48 cents a share, in the year-ago period. Based on continuing operations, Becton earned 74 cents a share. On that basis, including tax changes and accounting factors, the company earned 71 cents a share, a dime better than the Thomson First Call consensus forecast.
Revenue rose 11% to $1.288 billion during the company's fiscal first quarter ended Dec. 31.
"Our global revenue growth, disciplined cost control and supply chain productivity continue to deliver earnings increases," the company said. "This strong performance is enabling us to increase our investments in innovation and growth for the future."
Sales at its biosciences unit rose 15% to $181 million, while sales at its medical unit rose 11% worldwide to $694 million.
Overseas revenue increased 11% to $664 million, thanks partly to the weak dollar.
Looking ahead, the company said it expects EPS of 70 cents to 72 cents in the second quarter. The consensus estimate is 70 cents.
Shares rose $1.58, or 2.9%, to $55.87.