Becton Dickinson Lifts 2024 Outlook After Sales Rise in 1Q

By Dean Seal

Becton Dickinson raised its fiscal 2024 guidance slightly after reporting higher revenue in the first quarter, largely from its medical and interventional businesses.

The medical-device maker posted a profit of $281 million, or 96 cents a share, in the quarter ended Dec. 31, compared with $509 million, or $1.70 a share, in the same period a year ago.

Adjusting for integration costs, restructuring costs and other one-time items, adjusted earnings were $2.68 a share. Analysts polled by FactSet had been expecting $2.40 a share.

Quarterly revenue rose to $4.71 billion from $4.59 billion last year, below analyst projections for $4.73 billion, according to FactSet.

Sales in the U.S. ticked up less than 1% to $2.75 billion while international sales jumped 5.5% to $1.96 billion.

The Franklin Lakes, N.J.-based company's medical unit recorded 3.5% higher revenue at $2.23 billion. Sales in its life-sciences segment ticked down 1% to $1.29 billion while its interventional business logged 2.6% higher revenue at $1.19 billion.

Becton Dickinson is expecting revenue to rise 5.5% to 6.25% on an organic basis and 4.75% to 5.5% on a currency-neutral basis in fiscal 2024, adding a quarter of a percentage point to the low-end of its prior guidance.

The company is also expecting annual adjusted earnings to come in at $12.82 to $13.06 a share, up from a previous outlook for $12.70 to $13 a share.

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

(END) Dow Jones Newswires

February 01, 2024 07:04 ET (12:04 GMT)

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