Shares of dividend aristocrat Becton Dickinson & Co. (BDX) tumbled 12% in the morning session after the medical technology company reported fiscal first-quarter earnings that topped expectations but lowered its full-year outlook.
BDX reported quarterly revenues of $4.225 billion for the first fiscal quarter ended December 31, 2019. This represents an increase of 1.6 percent as reported over the prior-year period, or 2.5 percent on a currency-neutral basis.
The company is lowering its full fiscal year 2020 revenue and adjusted diluted earnings per share guidance to reflect the impact of the remediation effort and anticipated loss of sales of the Alaris infusion system.
The company now expects full fiscal year 2020 revenues to increase 1.5 to 2.5 percent as reported, or 2.5 to 3.5 percent on a currency-neutral basis. This almost half of the estimated growth of 5.4% growth.
BDX is currently trading around $253 and the dividend yield is 1.13%.
Source: BDX press release