BD Q3 Profit Climbs, Tops Estimates; Raises FY21 View; CFO Christopher Reidy To Retire

Becton, Dickinson and Co. (BDX), a medical technology company, reported Thursday that its third-quarter net income applicable to shareholders surged 81.2 percent to $502 million from last year's $277 million.

Earnings per share were $1.72, up 77.3 percent from $0.97 a year ago.

Adjusted earnings per share were $2.74, compared to $2.20 in the prior-year period.

Revenues were $4.89 billion, up 27 percent from $3.86 billion a year ago. On a currency-neutral basis, revenues increased 22%.

On average, analysts polled by Thomson Reuters expected earnings of $2.44 per share on revenues of $4.51 billion. Analysts' estimates typically exclude special items.

Further, citing the base business momentum, BD raised its fiscal 2021 adjusted earnings per share and revenue growth guidance.

The company now expects fiscal year 2021 adjusted earnings per share between $12.85 and $12.95, an increase from the prior guidance of between $12.75 and $12.85. The current guidance represents growth of approximately 26% to 27% over fiscal 2020. Analysts expect earnings of $12.83 per share for the year.

Further, the company now expects 2021 revenues to grow approximately 16.5% to 17.0% on a reported basis, an increase from the prior guidance of 12% to 14%. BD now expects fiscal year 2021 currency-neutral revenue growth of about 14.0% versus its prior guidance of 10% to 12%.

Separately, BD announced that Christopher Reidy, 64, executive vice president, chief financial officer and chief administrative officer, has informed the company of his intent to retire as he reaches retirement eligibility.

BD also announced that Reidy will become a director of the company formed in connection with the previously announced separation of the Diabetes Care business into an independent, publicly traded company.

Reidy will serve in his current role until a successor, who is expected to be an external candidate, is in place.

In pre-market activity, BD shares were gaining around 1.5 percent to trade at $258.65.BDX

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