BD Q1 Adj. EPS Tops View, Lifts FY24 Outlook; Stock Up In Pre-market

(RTTNews) - Medical technology company Becton, Dickinson and Co. (BDX), while reporting weak profit in its first quarter, but above market estimates, on Thursday raised its fiscal 2024 earnings and revenue view.

In pre-market activity on the NYSE, BD shares were gaining 4.7 percent to trade at $250.01.

Tom Polen, chairman, CEO and president of BD, said, "As we build on this momentum, advance our strong innovation pipeline and accelerate the adoption of our BD Excellence operating system, we are well-positioned to achieve our increased fiscal 2024 guidance..."

For fiscal 2024, the company now projects adjusted earnings per share to be $12.82 to $13.06, compared to $12.70 to $13.00 expected previously. This reflects an increase of 9 cents at the midpoint.

Adjusted earnings per share guidance reflects growth of approximately 5 percent to 7 percent.

The company now expects fiscal year 2024 revenues to be in the range of approximately $20.2 billion to $20.4 billion, compared to previously expected $20.1 billion to $20.3 billion.

Organic revenue growth is now expected to be 5.5 percent to 6.25 percent compared to 5.25 percent to 6.25 percent previously.

Total currency-neutral revenue growth is now expected to be 4.75 percent to 5.5 percent, compared to 4.5 percent to 5.5 percent previously.

Analysts on average expect the company to earn $14.26 per share on revenues of $21.38 billion, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

In its first quarter, the company's bottom line came in at $281 million, or $0.96 per share. This compares with $486 million, or $1.70 per share, in last year's first quarter.

Adjusted earnings were $2.68 per share for the period, compared to $2.98 per share last year. Analysts had expected the company to earn $2.40 per share.

The company's revenue for the quarter rose 2.6 percent to $4.71 billion from $4.59 billion last year.

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