Earnings Review and Free Research Report: Becton, Dickinson and Co.’s Q3 Adjusted EPS Rose 4.7%; Beat Estimates
Research Desk Line-up: Atrion Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 22, 2017 /Pro-Trader Daily has just published a free post-earnings coverage on Becton, Dickinson and Co. (NYSE: BDX), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=BDX, following the Company's release of its financial results on August 03, 2017, for the third quarter fiscal 2017 (Q3 FY17). The Franklin Lakes, New Jersey-based Company's adjusted diluted EPS grew 4.7% y-o-y, beating market consensus forecasts. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Medical Instruments & Supplies industry. Pro-TD has currently selected Atrion Corporation (NASDAQ: ATRI) for due-diligence and potential coverage as the Company announced on August 08, 2017, its financial results for Q2 2017 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Atrion when we publish it.
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For the three months ended on June 30, 2017, Becton, Dickinson and Co. reported revenues of $3.04 billion, which came in 5.1% below the $3.20 billion recorded at the end of Q3 FY16. Revenues numbers for the reported quarter fell short of market expectations of $3.06 billion. The Company attributed the decline in revenues numbers to the divestiture of its Respiratory Solutions business. Meanwhile, the Company's revenues on currency-neutral basis were up by 2.4% y-o-y.
The medical device manufacturer posted net loss applicable to common shareholders of $165 million, or $0.75 loss per diluted share, in Q3 FY17 compared to net income applicable to common shareholders $390 million, or $1.80 per diluted share, in Q3 FY16. Meanwhile, the Company's adjusted EPS increased to $2.46 during Q3 FY17 from $2.35 reported in the prior year's same period. Meanwhile, Wall Street had expected the Company to report adjusted EPS of $2.44 per diluted share.
The Company's gross profit margin improved during Q3 FY17 to 49.5% of revenues from 48.4% of revenues in Q3 FY16. During the reported quarter, the Company's cost of products sold was $1.53 billion versus $1.65 billion in Q3 FY16. Becton, Dickinson and Co. spent $719 million as selling and administrative expenses (S&A) in Q3 FY17 compared to $728 million in Q3 FY16. Research and development (R&D) expense was $186 million during Q3 FY17 compared to $207 million in Q3 FY16. The Company posted operating loss of $223 million in Q3 FY17 versus operating income of $516 million in last year's comparable period.
Becton, Dickinson and Co.'s Segment Performance
During Q3 FY17, the Medical Segment revenues came in at $2.04 billion compared to $2.24 billion in the year ago corresponding period. Additionally, the segment's income before income taxes fell to $553 million in Q3 FY17 from $571 million in Q3 FY16.
The Life Sciences segment revenues were $997 million in Q3 FY17, which came in above the $963 million reported in Q3 FY16. The segment's income before income taxes stood at $199 million in Q3 FY17 versus $200 million in Q3 FY16.
Cash Flow & Balance Sheet
In nine months ended June 30, 2017, Becton, Dickinson and Co. generated $1.42 billion as net cash from operating activities compared to $1.85 billion in the year ago same period. The Company had cash and cash equivalents balance of $13.85 billion as on June 30, 2017, compared to $1.54 billion at the close of books on September 30, 2016. Furthermore, the Company ended the quarter with long-term debt of $18.56 billion compared to $10.55 billion as on September 30, 2016.
In a separate press release on July 25, 2017, Becton, Dickinson and Co.'s Board of Directors declared a quarterly dividend of $0.73 per common share, payable on September 29, 2017, to holders of record on September 08, 2017.
On August 08, 2017, Becton, Dickinson and Co.'s Board and C.R. Bard, Inc. (NYSE: BCR) approved the definitive merger agreement between the two companies. The two companies had entered into a definitive agreement on April 23, 2017, pursuant to which Becton, Dickinson and Co. would acquire C.R. Bard in a stock and cash transaction.
In the earnings guidance for full year FY17, the Company expects comparable revenues to grow in the range of 3.5% to 4.0%. Full Year FY17, reported diluted EPS is forecasted to be in the range of 5.10 to 5.15. Additionally, adjusted fully diluted earnings per share for FY17 are estimated to be between 9.42 and 9.47.
At the closing bell, on Monday, August 21, 2017, Becton, Dickinson's stock rose slightly by 0.75%, ending the trading session at $199.17. A total volume of 649.14 thousand shares have exchanged hands. The Company's stock price rallied 7.79% in the last three months, 9.42% in the past six months, and 14.56% in the previous twelve months. Moreover, the stock surged 20.31% since the start of the year. The stock is trading at a PE ratio of 56.99 and has a dividend yield of 1.47%. The stock currently has a market cap of $45.70 billion.
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