Bristol Myers Raises Low-End of Estimates as Adjusted Q3 Net Beats View (BMY)

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Pharmaceutical giant Bristol Myers Squibb Co. ( BMY ) on Thursday posted better-than-expected third quarter earnings and lifted the low-end of its full-year guidance range.

The New York-based company reported third quarter net income of $969 million, or 56 cents per share, compared with $949 million, or 55 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was 61 cents per share.

Revenue rose 11% from last year to $5.3 billion.

On average, Wall Street analysts expected a smaller profit of 58 cents per share, on matching revenue of $5.3 billion.

Looking ahead, the company boosted its full-year adjusted earnings forecast to $2.25 to $2.30 per share, up from a prior view of $2.20 to $2.30. Analysts are currently looking for profits of $2.29 per share for the year.

Bristol Myers shares rose 34 cents, or +1.1%, in premarket trading Thursday.

The Bottom Line
We have been recommending Bristol-Myers ( BMY ) since Aug.25, 2009, when the stock was trading at $22.58. The company has a 4.06% dividend yield, based on last night's closing stock price of $32.51.

Bristol Myers Squibb Co. ( BMY ) is a "Recommended" stock at this time, holding a DARS™ Rating of 3.6 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Stocks

Referenced Stocks: BMY

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