C. R. Bard Inc. Earnings Cheat Sheet: Profit Rises Year Over Year

S&P 500 (NYSE:SPY) component C. R. Bard Inc. (NYSE:BCR) reported its results for the third quarter. C.R. Bard designs, makes, and sells diagnostic, medical, surgical, and patient care devices.

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C. R. Bard Earnings Cheat Sheet for the Third Quarter

Results: Net income for the medical instruments and supplies company rose to $130.1 million ($1.46 per share) vs. $127.5 million ($1.34 per share) in the same quarter a year earlier. This marks a rise of 2% from the year earlier quarter.

Revenue: Rose 6% to $719.2 million from the year earlier quarter.

Actual vs. Wall St. Expectations: BCR reported adjusted net income of $1.62 per share. By that measure, the company beat the mean estimate of $1.60 per share. Analysts were expecting revenue of $724.3 million.

Quoting Management: Timothy M. Ring, chairman and chief executive officer, commented, “In the face of another quarter of low procedure volumes in the United States, our product lines with recent strategic acquisitions and new product launches are growing double-digits, proving that our product leadership strategy continues to work, even in challenging economic times. We remain focused on providing improved solutions for clinicians and patients through technology that also reduces total cost to the system. We continue to prioritize our resources into markets with double-digit revenue growth opportunities, and we are confident that this approach will continue to provide favorable long-term returns to shareholders.”

Key Stats:

Gross margin shrank 1.1 percentage points to 61.8%. The contraction appeared to be driven by increased costs, which rose 9.1% from the year earlier quarter while revenue rose 6%.

Revenue has risen the past four quarters. Revenue increased 7.6% to $725 million in the second quarter. The figure rose 7.6% in the first quarter from the year earlier and climbed 5.9% in the fourth quarter of the last fiscal year from the year-ago quarter.

The company beat estimates last quarter after being in line with expectations in the second quarter with net income of $1.57 per share.

Looking Forward: Expectations for the fourth quarter have not changed from $1.70. The average estimate for the fiscal year is now $6.37 per share, down from $6.38 sixty days ago.

Competitors to Watch: Teleflex Incorporated (NYSE:TFX), Covidien plc (NYSE:COV), Boston Scientific Corp. (NYSE:BSX), Merit Medical Systems, Inc. (NASDAQ:MMSI), AngioDynamics, Inc. (NASDAQ:ANGO), Angiotech Pharmaceuticals, Inc. (NASDAQ:ANPI), Theragenics Corporation (NYSE:TGX), Rochester Medical Corp. (NASDAQ:ROCM), CONMED Corporation (NASDAQ:CNMD), and Becton, Dickinson and Co. (NYSE:BDX).

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(Source: Xignite Financials)