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C.R. Bard Inc. Reports Operating Results (10-Q)

July 26, 2012 | About:
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10qk

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C.R. Bard Inc. (BCR) filed Quarterly Report for the period ended 2012-06-30.

C.r. Bard, Inc. has a market cap of $8.95 billion; its shares were traded at around $98.49 with a P/E ratio of 16.3 and P/S ratio of 3.1. The dividend yield of C.r. Bard, Inc. stocks is 0.8%. C.r. Bard, Inc. had an annual average earning growth of 13.2% over the past 10 years. GuruFocus rated C.r. Bard, Inc. the business predictability rank of 5-star.

Highlight of Business Operations:

Bards United States net sales of $490.0 million for the quarter ended June 30, 2012 increased 2% compared to $479.9 million in the prior year quarter. Growth in United States net sales has moderated in recent quarters, a trend that may continue. International net sales of $252.6 million for the quarter ended June 30, 2012 increased 3% on a reported basis (8% on a constant currency basis) compared to $245.1 million in the prior year quarter. Bards United States net sales of $986.2 million for the six months ended June 30, 2012 increased 2% compared to $967.0 million in the prior year period. International net sales of $486.4 million for the six months ended June 30, 2012 increased 6% on a reported basis (9% on a constant currency basis) compared to $458.3 million in the prior year period.

Consolidated net sales of urological specialty products, which include brachytherapy products, for the quarter ended June 30, 2012 decreased 13% on a reported basis (10% on a constant currency basis) compared to the prior year quarter. Consolidated net sales of brachytherapy products for the quarter ended June 30, 2012 decreased 18% on a reported basis (14% on a constant currency basis) compared to the prior year quarter. Consolidated net sales of urological specialty products for the six months ended June 30, 2012 decreased 7% on a reported basis (5% on a constant currency basis) compared to the prior year period. Consolidated net sales of brachytherapy products for the six months ended June 30, 2012 decreased 9% on a reported basis (7% on a constant currency basis) compared to the prior year period. The brachytherapy market has been losing procedural share to alternative therapies, a trend that may continue.

Consolidated net sales of dialysis access catheters for the quarter ended June 30, 2012 increased 2% on a reported basis (3% on a constant currency basis) compared to the prior year quarter. Consolidated net sales of dialysis access catheters for the six months ended June 30, 2012 increased 1% on a reported basis (2% on a constant currency basis) compared to the prior year period. Consolidated net sales of vascular access ultrasound devices for the quarter ended June 30, 2012 increased 9% on a reported basis (10% on a constant currency basis) compared to the prior year quarter. Consolidated net sales of vascular access ultrasound devices for the six months ended June 30, 2012 increased 11% on a reported basis (12% on a constant currency basis) compared to the prior year period.

The company reported net income and diluted earnings per share available to common shareholders for the quarter ended June 30, 2012 of $133.9 million and $1.54, respectively. Net loss and diluted loss per share available to common shareholders for the prior year quarter was $(47.8) million and $(0.55), respectively. The current year quarter reflects asset impairments of $5.8 million, or $0.07 per diluted share, a reversal of certain restructuring costs of $1.1 million, or $0.01 per diluted share, and acquisition-related items, primarily consisting of purchase accounting adjustments, of $0.8 million, or $0.01 per diluted share. The current year quarter also reflects an increase to the income tax provision of $1.1 million, or $0.01 per diluted share, due to the write-down of a tax receivable in a foreign jurisdiction. The prior year quarter reflects legal settlements and commitments of $189.5 million, or $2.10 per diluted share. The prior year quarter also reflects acquisition-related items, consisting of transaction costs (primarily legal costs), of $0.8 million, or $0.01 per diluted share and reflects a reversal of certain restructuring costs of $0.8 million or $0.01 per diluted share.

The company reported net income and diluted earnings per share available to common shareholders for the six months ended June 30, 2012 of $272.6 million and $3.14, respectively. Net income and diluted earnings per share available to common shareholders for the six months ended June 30, 2011 was $84.1 million and $0.94, respectively. The current six month period reflects asset impairments of $5.8 million, or $0.07 per diluted share, acquisition-related items, primarily consisting of purchase accounting adjustments and integration costs, of $1.6 million, or $0.02 per diluted share, and a reversal of certain restructuring costs of $1.1 million, or $0.01 per diluted share. The current six month period also reflects an increase to the income tax provision of $1.1 million, or $0.01 per diluted share, due to the write-down of a tax receivable in a foreign jurisdiction. The prior six month period reflects legal settlements and commitments of $189.5 million, or $2.12 per diluted share. The prior six month period also reflects acquisition-related items, primarily consisting of an IPR&D charge, of $2.6 million, or $0.03 per diluted share and reflects a reversal of certain restructuring cost of $0.8 million, or $0.01 per diluted share.

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