Becton Dickinson Shakes Up 2024 Outlook After Growing 2Q Sales, Earnings

By Dean Seal

Becton Dickinson cut its fiscal 2024 revenue guidance while raising its adjusted annual earnings forecast after reporting top and bottom line growth for its second quarter.

The medical-device maker said it now expects $20.1 billion to $20.3 billion in revenue this year, trimming its prior outlook by $100 million at the midpoint.

Adjusted earnings, which strip out integration costs, accounting adjustments and other one-time costs, are now projected to hit $12.95 to $13.15 a share. The company previously guided for $12.82 to $13.06 a share.

For its second fiscal quarter ended March 31, Becton Dickinson posted a profit of $537 million, or $1.85 a share, compared with $460 million, or $1.53 a share, in the same quarter a year ago.

Adjusted earnings were $3.17 a share. Analysts polled by FactSet had been expecting $2.97 a share.

Quarterly revenue climbed to $5.05 billion from $4.82 billion, just above analyst projections for $5.04 billion, according to FactSet.

Sales in the U.S. were up 6.3% while international sales rose 2.4%. The cost of products sold was 6% higher during the quarter, while overheads and research & development costs declined.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

May 02, 2024 07:07 ET (11:07 GMT)

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