Becton Dickinson beats by $0.07, beats on revs; reaffirms FY14 revs guidance
Reports Q1 (Dec) earnings of $1.37 per share, $0.07 better than the Capital IQ Consensus Estimate of $1.30; revenues rose 6.1% year/year to $2.02 bln vs the $1.98 bln consensus.
Segment Results
First quarter revenues in the U.S. of $849 million represent an increase of 2.3% over the prior-year period. Revenues outside of the U.S. were $1.17 billion, representing an increase of 8.9% compared with the prior-year period, or an increase of 10.0% on a foreign currency-neutral basis. International revenues reflected continued strength in emerging markets and sales of safety-engineered products in addition to solid growth in Western Europe.
Guidance:
Co issues guidance for FY14, sees EPS of +6.5-7% YoY to ~$6.19-6.22, may not be comparable to $6.23 Capital IQ Consensus Estimate; sees FY14 revs of +4-5% to ~$8.38-8.46 bln vs. $8.41 bln Capital IQ Consensus Estimate.
Segment Results
- Medical segment, worldwide revenues for the quarter were $1.06 billion, representing an increase of 8.2% compared with the prior-year period, or an increase of 8.6% on a foreign currency-neutral basis.
- The segment's revenue growth reflects strong sales in the Medical Surgical Systems and Diabetes Care units and solid sales in the Pharmaceutical Systems unit. Both the Medical Surgical and Pharmaceutical Systems units also benefitted from favorable timing of orders.
- Diagnostics segment, worldwide revenues for the quarter were $672 million, representing an increase of 3.1% compared with the prior-year period, or 4.2% on a foreign currency-neutral basis.
- The segment's growth was driven by international expansion in both the Preanalytical Systems and Diagnostic Systems business units. Diagnostic systems growth was also aided, in part, from a timing of flu orders.
- Biosciences segment, worldwide revenues for the quarter were $279 million, representing an increase of 5.4% compared with the prior-year period, or an increase of 5.7% on a foreign currency-neutral basis.
- The segment's growth was driven by continued strength in emerging markets, clinical reagents sales and solid instrument placements in both the U.S. and Western Europe.
First quarter revenues in the U.S. of $849 million represent an increase of 2.3% over the prior-year period. Revenues outside of the U.S. were $1.17 billion, representing an increase of 8.9% compared with the prior-year period, or an increase of 10.0% on a foreign currency-neutral basis. International revenues reflected continued strength in emerging markets and sales of safety-engineered products in addition to solid growth in Western Europe.
Guidance:
Co issues guidance for FY14, sees EPS of +6.5-7% YoY to ~$6.19-6.22, may not be comparable to $6.23 Capital IQ Consensus Estimate; sees FY14 revs of +4-5% to ~$8.38-8.46 bln vs. $8.41 bln Capital IQ Consensus Estimate.
- On a foreign currency-neutral basis, adjusted diluted earnings per share are expected to grow about 9.0 to 9.5%, or 9.5 to 10.0% excluding the incremental impact of the medical device tax.