UPDATE 1-Becton shares fall on diminished 2010 expectations

* Q3 EPS $1.30 excluding items; Street view $1.24

* Q3 revenue falls 1.6 pct

* Sees no foreign exchange hedging gain in 2010

* Shares off 7 pct

By Bill Berkrot and I-Ching Ng

NEW YORK, July 30 (Reuters) - Becton Dickinson & Co (BDX.N) said a gain of 28 cents a share this year from a foreign exchange hedging program will not be repeated in 2010, significantly lowering expectations for next year and sending its shares down 7 percent.

"They didn't give guidance on the business for 2010, just that there won't be that (hedge) benefit in 2010. So now people are readjusting their long-term expectations," said Edward Jones analyst Aaron Vaughn.

"They're kind of moving the goal post," said Leerink Swann analyst Bruce Cranna. "It's pretty disappointing and the numbers look much weaker."

Cranna said if the 2010 profit forecast is based on 2009 earnings that exclude the 28-cent gain, it could prove to be as much as 40 cents a share below current Wall Street estimates of about $5.40 per share.

Becton shares had been slightly higher Thursday morning after the company reported better-than-expected quarterly earnings. Before that was before it told analysts that its 2010 forecast would be based on fiscal 2009 numbers that exclude the 28-cent hedging gain with no likely repeat next year.

The medical equipment maker reported that net income for its fiscal third quarter ended June 30 rose to $341 million, or $1.39 per share, from $297 million, or $1.18 per share, a year ago.

Excluding one-time items. Becton earned $1.30 per share from continuing operations, topping analysts' average forecast by 6 cents, according to Reuters Estimates.

"Earnings and revenue were good, that's why the stock was up at the open," said Vaughn.

"The frustrating part is that they didn't comment on the business (for 2010), which I think will do well. This is a good opportunity for long-term investors to get in," he said.

The company did raise its forecast for fiscal 2009 to a range of $4.92 to $4.96 per share, excluding items.

"In the face of a challenging global economy, we exceeded our overall expectations in the quarter. As a result, we are revising our revenue and earnings guidance to the high end of the range previously provided for this year," Chief Executive Edward Ludwig said in a statement.

Revenue for the third quarter fell 1.6 percent to $1.82 billion, line with Wall Street estimates.

The company sold its home healthcare product line in July and said it expected to record a related gain of about 5 cents per share in the fourth quarter.

Becton Dickinson shares were down $5.13, or 7 percent, at $68.47 in midday trade on the New York Stock Exchange. (Reporting by Bill Berkrot, Debra Sherman and I-Ching Ng; editing by John Wallace)