BD Lifts FY24 Earnings View In Line Or Above Market Estimates; Stock Up In Pre-market

(RTTNews) - Medical technology company Becton, Dickinson and Co. (BDX), while reporting higher second-quarter results, on Thursday raised fiscal 2024 earnings forecast in line or above market estimates. The company further maintained full-uear revenue and organic revenue growth guidance.

In pre-market activity on the NYSE, BDX shares were gaining around 2.6 percent to trade at $239.75.

For fiscal 2024, the company now expects adjusted earnings per share to be $12.95 to $13.15, compared to previous estimate of $12.82 to $13.06.

Adjusted earnings per share growth is now estimated to be 6.1 percent to 7.7 percent, compared to previously estimated around 5 percent to 7 percent increase.

Analysts on average expect the company to report earnings of $12.95 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Total revenues are now expected to be around $20.1 billion to $20.3 billion, compared to previous outlook of around $20.2 billion to $20.4 billion. The Street is looking for revenues of $20.3 billion for the year.

The company continues to expect revenue growth of 4.75 percent to 5.5 percent and organic revenue growth of 5.5 percent to 6.25 percent.

Tom Polen, chairman, CEO and president of BD, said, "We enter the back half of fiscal 2024 with continued momentum giving us the confidence to again raise our fiscal 2024 earnings guidance as we deliver on our BD 2025 commitments."

In its second quarter, BDX's profit increased from last year and beat the Street estimates. The company's bottom line totaled $537 million, or $1.85 per share. This compares with $438 million, or $1.53 per share, in last year's second quarter.

Adjusted earnings were $3.17 per share for the period. Analysts had expected the company to earn $2.97 per share.

The company's revenue for the quarter rose 4.8 percent to $5.05 billion from $4.82 billion last year.

In pre-market activity on the NYSE, Stanley Black & Decker shares were gaining around 1.2 percent to trade at $92.98.

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