Bard shares climb on better-than-expected 3Q

C.R. Bard reports lower net profit, but still beats Wall Street estimates

Associated Press

MURRAY HILL, N.J. (AP) -- Medical device maker CR Bard Inc. reported a 28 percent drop in third-quarter income Tuesday due to acquisition-related expenses, though the company's adjusted results still beat Wall Street estimates.

The company's sales rose 5 percent to $758 million during the quarter, on higher sales of the company's heart devices, surgical tools and other products.

For the period ended Sept. 30, the company's net income was $92.3 million, or $1.15 per share. When adjusted for acquisition-related expenses and other one-time costs, earnings were $122.3 million, or $1.50 per share, down 14 percent from a year ago.

Despite the lower results, Bard still beat analyst expectations. They expected earnings per share of $1.40 on sales of $739 million.

Company shares rose $3.06, or 2.4 percent, to $126.96 in after-hours trading, after closing earlier at $126.96.

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