Bard C R (NYSE:BCR)
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From Jun 2019 to Jun 2024

C.R. Bard Inc.'s (BCR) goal of posting double-digit sales growth this year may be at risk following a sluggish first quarter, although the company is working to protect its 14% per-share earnings growth target, Bard's top official said Wednesday.

Bard makes medical products for the vascular, urologic and cancer-treatment fields. The company hummed along through the fourth quarter without feeling much of an economic hit, even though a slowdown in medical procedures and cutbacks in hospital budgets have hurt the sector.

But these issues caught up in the first quarter, and Bard is concerned soft demand could continue to weigh on results, Chief Executive Timothy M. Ring said on a conference call.

C.R. Bard shares traded down 4.7% to $73.99 in after-hours trading.

The company is targeting sales growth in a 7% to 10% range in the second quarter, excluding the unfavorable impact of currency rates, Chief Financial Officer Todd C. Schermerhorn added. Ring commented earlier that predicting sales growth has become difficult, but that the double-digit growth goal is at risk by one to three percentage points this year.

The company also announced restructuring moves on Wednesday aimed at improving efficiency and reducing expenses, and Ring said the company is "very active in insulating" the 14% earnings-per-share growth target.

He also said earnings this year are likely to be more "back ended" than usual.

Schermerhorn said Bard is targeting per-share earnings of $1.18 to $1.22 a share in the second quarter, excluding any unusual items. Unfavorable currency comparisons are likely to get tougher in the second quarter, he said.

Analysts surveyed by Thomson Reuters had targeted, on average, second-quarter earnings of $1.26.

-By Jon Kamp, Dow Jones Newswires; 617-654-6728; jon.kamp@dowjones.com