Bard announces increase in net sales for third quarter of 2008

Bard has announced third quarter net sales of $616.8 million (389.09 million) – a rise of 13 per cent over the prior-year period.

The company notes that, excluding the impact of foreign exchange, net sales during the three-month period increased 11 per cent in comparison to the same time in 2007.

Timothy M Ring, chairman and chief executive officer of Bard, states the company’s performance this quarter was “solid from the top down”.

“Our broad product portfolio delivered another quarter of strong revenue growth while expanded margins helped us achieve adjusted EPS above our 14 per cent growth target,” he adds.

Mr Ring continues to praise the company’s “dedicated” employees, “innovative” products and “disciplined” financial management, identifying them as “great assets” which place the company in a strong position within the current economic climate.

For the three-month period in question, net sales within the USA stood at $419.5 million and net sales outside the USA were $197.3 million, and increase of 11 and 18 per cent respectively.

New income stood at $111.2 million, while diluted earnings per share were $1.09.

Earlier this month, the board of directors at Bard declared a regular quarterly stock dividend of 16 cents per share on the company’s common stock.