C. R. Bard Raises 2016 Guidance; Q1 Profit Beats Estimates

(RTTNews) - C. R. Bard, Inc. (BCR) announced, for the full year 2016, net sales are forecasted to increase between 6 percent and 8 percent on an as-reported basis. Excluding the impact of foreign exchange, full year 2016 net sales are forecasted to increase between 7 percent and 8.5 percent over 2015.

The company expects full year 2016 earnings per share, after adjusting for amortization of intangibles and certain items, to be between $10.05 and $10.18, representing growth between 11 percent and 12 percent compared to full year 2015 results. Analysts polled by Thomson Reuters expect the company to report profit per share of $9.98. Analysts' estimates typically exclude special items.

For the first quarter 2016, net income was $116.2 million and earnings per share were $1.54, a decrease of 17 percent and 15 percent, respectively, as compared to first quarter 2015 results. Adjusting for amortization of intangibles and certain items that affect comparability between periods, first quarter net income was $177.0 million and earnings per share were $2.34, an increase of 10 percent and 11 percent, respectively, as compared to first quarter 2015 results. On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $2.17 for the quarter.

First quarter net sales were $873.5 million, an increase of 7 percent over the prior-year period on an as-reported basis. Excluding the impact of foreign exchange, first quarter 2016 net sales increased 8 percent over the prior-year period. Analysts expected revenue of $846.23 million, for the quarter.