By Dean Seal
Becton Dickinson cut its fiscal 2024 revenue guidance while raising its adjusted annual earnings forecast after reporting top and bottom line growth for its second quarter.
The medical-device maker said it now expects $20.1 billion to $20.3 billion in revenue this year, trimming its prior outlook by $100 million at the midpoint.
Adjusted earnings, which strip out integration costs, accounting adjustments and other one-time costs, are now projected to hit $12.95 to $13.15 a share. The company previously guided for $12.82 to $13.06 a share.
For its second fiscal quarter ended March 31, Becton Dickinson posted a profit of $537 million, or $1.85 a share, compared with $460 million, or $1.53 a share, in the same quarter a year ago.
Adjusted earnings were $3.17 a share. Analysts polled by FactSet had been expecting $2.97 a share.
Quarterly revenue climbed to $5.05 billion from $4.82 billion, just above analyst projections for $5.04 billion, according to FactSet.
Sales in the U.S. were up 6.3% while international sales rose 2.4%. The cost of products sold was 6% higher during the quarter, while overheads and research & development costs declined.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
05-02-24 0707ET