Market Overview

C.R. Bard Rises After Q3 Earnings Beat (BCR)

C.R. Bard (NYSE: BCR) is up more than two percent in after hours trading after announcing the company's third-quarter results.

The company's EPS came in at $1.50 -- $0.10 higher than the Street estimate of $1.40.

Despite the earnings beat, earnings per share were down nine percent from the year-ago period.

Revenue arrived at $758 million versus the Street estimate of $739.12 million. Sales were up five percent year-over-year.

"We are pleased with the results this quarter, exceeding expectations on both the top and bottom line," Timothy M. Ring, Chairman and CEO of C.R. Bard, said in a company release.

"Consistent with our plan, we continue to focus on shifting the mix of the portfolio to faster revenue growth through targeted investments and acquisitions. Our business development activities, together with the results this quarter and other recent events, represent important steps in helping us improve the growth profile of the business going forward."

C.R. Bard has had a fairly good year, rising more than 23 percent year-to-date. The company is up more nearly 11 percent over the last three months alone.

The company has enjoyed consistent praise from Wall Street analysts, including Bank of America, which recently raised its Price Target from $125 to $140.

C.R. Bard has been on a buying spree this year, picking up Medafor for $200 million. The company also announced that it will acquire Rochester Medical Corporation (NASDAQ: ROCM) for $262 million.

Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.

Louis Bedigian is the Senior Tech Analyst and Features Writer of Benzinga. You can reach him at louis(at)benzingapro(dot)com. Follow him @LouisBedigianBZ

Posted-In: C.R. Bard Medafor Rochester Medical Corporation Timothy M. RingEarnings News

 

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