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CareFusion falls after giving weak 2Q forecast

Mon, 01/09/2012 - 10:45am
The Associated Press

Shares of CareFusion Corp. skidded Monday after the medical device maker issued disappointing forecast for its fiscal second quarter, and said its full-year profit might be less than expected.

The San Diego company said sales of its ChloraPrep antiseptic and its disposable infusion products did not meet its expectations.

The company expects to report a profit of 39 to 43 cents per share for the quarter ended Dec. 31. Excluding one-time items CareFusion said its profit will be between 41 and 45 cents per share. It forecast revenue of $910 million to $915 million.

Analysts were forecasting a profit of 46 cents per share on $923 million in revenue, according to estimates compiled by FactSet. Analysts' estimates typically exclude one-time items.

Shares of CareFusion lost $2.11, or 8.3 percent, to $23.37 in afternoon trading. Its shares have traded in a 52-week range of $22.01 set in early August and $29.97 reached in mid-May.

CareFusion said it now believes its full-year profit will be between $1.75 and $1.90 per share. Previously the company said its profit would range from $1.80 to $1.90 per share. It still expects its revenue to grow 3 to 5 percent excluding effects from changes in currency exchange rates. It reported $3.53 billion in revenue in fiscal 2011

Analysts expect CareFusion to post a profit of $1.85 per share and $3.67 billion in revenue on average.

The company expects to report complete second-quarter results on Feb. 2.

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