Becton, Dickinson and Co. on Thursday reported that its fiscal third-quarter net income rose 5.1% to $2.2 billion from $2.1 billion in the same period last year, surpassing analysts' projections.
Revenues for the quarter hit $6.2 billion, a 5% increase compared with $6 billion in the same quarter its prior fiscal year. Each segment of the Franklin Lakes, N.J.-based devicemaker
contributed to growth, the company announced.
“We were pleased with our solid performance,” Chairman Vincent Forlenza said in a news conference
. “We are operating in a very dynamic healthcare environment. Our consistent performance demonstrates that our strategy remains sound.”
Analysts had projected the company's earnings to rise to $2.14 billion.
BD Medical, the company's largest segment, saw a 5.3% increase in revenue, up from $1.1 billion in the third quarter last year to $1.2 billion in this fiscal year's third quarter, the company reported. Growth in that segment was led by strong sales of medical surgical systems units, according to Christopher Reidy, chief financial officer.
The company saw domestic and international revenue growth in the quarter. Global revenue rose 6% reaching $733 million from $692 million in the same quarter the prior year. In the U.S., the company reported a 4.4% increase in revenue to $468 million in the third quarter, up from $449 million in 2013.
The company said it plans to complete the repurchase of $450 million in stock buybacks and reaffirmed its revenue and earnings guidance for fiscal 2014.
Becton Dickinson shares were trading at $117.31, down $2.07 a share in late-morning activity following its earnings announcement.Follow Sabriya Rice on Twitter: @MHSRice