C. R. Bard, Inc. Announces Second Quarter Results
Published: Jul 28, 2017
MURRAY HILL, N.J.--(BUSINESS WIRE)--C. R. Bard, Inc. (NYSE:BCR) today reported 2017 second quarter financial results. Second quarter 2017 net sales were $979.7 million, an increase of 5 percent over the prior-year period on an as-reported basis. Excluding the impact of foreign exchange, second quarter 2017 net sales increased 6 percent over the prior-year period.
For the second quarter 2017, net sales in the U.S. were $660.2 million, an increase of 4 percent over the prior-year period. Net sales outside the U.S. were $319.5 million, an increase of 7 percent from the prior-year period on an as-reported basis. Excluding the impact of foreign exchange, second quarter 2017 net sales outside the U.S. increased 11 percent over the prior-year period.
For the second quarter 2017, net income was $139.7 million and diluted earnings per share were $1.86, both decreased 12 percent as compared to second quarter 2016 results. Adjusting for amortization of intangibles and certain items that affect the comparability of results between periods, as detailed in the tables below, second quarter 2017 net income was $219.4 million and diluted earnings per share were $2.92, an increase of 14 percent and 15 percent, respectively, as compared to second quarter 2016 results.
Timothy M. Ring, chairman and chief executive officer, commented, “We continue to see strong, balanced growth across our portfolio and geographies. Half-way through 2017, each of our businesses has performed at or above the top of our forecasted constant currency revenue growth ranges for the full year. In the second quarter we reached a new milestone, with revenue from emerging markets now representing 12 percent of total company revenues. We are pleased with the continued momentum of our global business as we prepare to merge with Becton, Dickinson and Company in the fourth quarter of 2017.”
In conjunction with the second quarter results, the company is maintaining its 2017 financial revenue guidance and increasing its adjusted diluted earnings per share guidance. For the full year 2017, net sales are forecasted to increase between 5 percent and 6 percent on an as-reported basis. Excluding the impact of foreign exchange, full year 2017 net sales are forecasted to increase between 6 percent and 7 percent over 2016. Full year 2017 diluted earnings per share, after adjusting for amortization of intangibles and certain items that affect comparability between periods are projected to be between $11.70 and $11.90, representing growth between 14 percent and 16 percent compared to full year 2016 results.
C. R. Bard, Inc. (www.crbard.com), headquartered in Murray Hill, NJ, is a leading multinational developer, manufacturer and marketer of innovative, life-enhancing medical technologies in the fields of vascular, urology, oncology and surgical specialty products.
This press release contains financial measures that are not calculated in accordance with United States generally accepted accounting principles (GAAP). These non-GAAP measures are reconciled to their most directly comparable GAAP measures in the tables below and related notes.
Non-GAAP measures included in our guidance were not reconciled to the appropriate GAAP financial measures because the GAAP measures are not accessible on a forward-looking basis. Items that impact our non-GAAP financial measures may include acquisition-related items, asset impairments, litigation charges, restructuring and productivity initiative costs, tax items and amortization of certain intangible assets, such as in connection with future acquisitions. These items cannot all be reasonably predicted and may directly impact our non-GAAP net income and our non-GAAP diluted earnings per share, although changes with respect to certain of these items may offset other changes. In addition, certain of these items are dependent on various factors. Accordingly, a reconciliation of the non-GAAP financial measure guidance to the corresponding GAAP measures is not available without unreasonable effort.