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

October 24, 2012 | About:
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10qk

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C.R. Bard Inc. (BCR) filed Quarterly Report for the period ended 2012-09-30.

C.r. Bard, Inc. has a market cap of $8.36 billion; its shares were traded at around $96.26 with a P/E ratio of 15.2 and P/S ratio of 2.9. 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.
This is the annual revenues and earnings per share of BCR over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of BCR.


Highlight of Business Operations:

Bard’s United States net sales of $483.4 million for the quarter ended September 30, 2012 decreased 1% compared to $486.5 million in the prior year quarter. Net sales in the United States have moderated in recent quarters, a trend that may continue. International net sales of $239.5 million for the quarter ended September 30, 2012 increased 3% on a reported basis (11% on a constant currency basis) compared to $232.7 million in the prior year quarter. Bard’s United States net sales of $1,469.6 million for the nine months ended September 30, 2012 increased 1% compared to $1,453.5 million in the prior year period. International net sales of $725.9 million for the nine months ended September 30, 2012 increased 5% on a reported basis (10% on a constant currency basis) compared to $691.0 million in the prior year period.

Consolidated net sales of urological specialty products, which include brachytherapy products, for the quarter ended September 30, 2012 decreased 9% on a reported basis (5% on a constant currency basis) compared to the prior year quarter. Consolidated net sales of brachytherapy products for the quarter ended September 30, 2012 decreased 19% 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 nine months ended September 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 nine months ended September 30, 2012 decreased 12% on a reported basis (9% 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 September 30, 2012 increased 1% on a reported basis (3% on a constant currency basis) compared to the prior year quarter. Consolidated net sales of vascular access ultrasound devices for the quarter ended September 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 nine months ended September 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 nine months ended September 30, 2012 increased 8% on a reported basis (9% 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 September 30, 2012 of $129.3 million and $1.50, respectively. Net income and diluted earnings per share available to common shareholders for the quarter ended September 30, 2011 was $130.1 million and $1.46, respectively. The current year quarter reflects asset impairments of $8.0 million, or $0.09 per diluted share, and acquisition-related items, primarily consisting of an IPR&D charge and transaction costs, of $4.1 million, or $0.05 per diluted share. The prior year quarter reflects an impairment charge for Greek bonds of $7.0 million, or $0.08 per diluted share, net restructuring costs of $6.7 million, or $0.08 per diluted share, and acquisition-related items, primarily consisting of transaction costs and an IPR&D charge, of $2.2 million, or $0.03 per diluted share. The prior year quarter also reflects a decrease to the income tax provision of $1.1 million or $0.01 per diluted share, due to an audit adjustment.

The company reported net income and diluted earnings per share available to common shareholders for the nine months ended September 30, 2012 of $401.9 million and $4.64, respectively. Net income and diluted earnings per share available to common shareholders for the nine months ended September 30, 2011 was $214.2 million and $2.40, respectively. The current nine month period reflects asset impairments of $13.8 million, or $0.16 per diluted share, acquisition-related items, primarily consisting of an IPR&D charge, transaction costs, purchase accounting adjustments and integration costs, of $5.7 million, or $0.07 per diluted share, and a reversal of certain restructuring costs of $1.1 million, or $0.01 per diluted share. The current nine 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 nine month period reflects legal settlements and commitments of $189.5 million, or $2.12 per diluted share, an impairment charge for Greek bonds of $7.0 million, or $0.08 per diluted share, and net restructuring costs of $5.9 million, or $0.07 per diluted share. The prior nine month period also reflects acquisition-related items, primarily consisting of transaction costs and IPR&D charges, of $4.8 million, or $0.06 per diluted share and a decrease to the income tax provision of $1.1 million, or $0.01 per diluted share, due to an audit adjustment.

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