Hospira Q2 Results Beat Estimates, Lifts FY14 Earnings View - Quick Facts

(RTTNews) - Pharmaceutical and medication delivery company Hospira, Inc. (HSP) reported Wednesday that its second-quarter net income soared 115.5 percent to $70.9 million from $32.9 million last year. Earnings per share for the quarter climbed 110 percent to $0.42 million from last year's $0.20 million.

Adjusted earnings per share was $0.72, compared to $0.55 a year ago. On average, 15 analysts polled by Thomson Reuters expected earnings of $0.57 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales went up 10.7 percent to $1.14 billion from last year's $1.03 billion, driven by continued positive performance in Specialty Injectable Pharmaceuticals products. Analysts projected sales of $1.06 billion.

Citing the favorable performance for the first half of 2014, the company raised its guidance for the full year.

For fiscal 2014, the company now projects adjusted earnings per share for 2014 to range between $2.30 and $2.50, and net sales growth to range between 6 to 9 percent on a constant-currency basis.

Analysts project annual earnings per share of $2.22 on revenues of $4.19 billion.

The provider of injectable drugs and infusion technologies previously projected adjusted earnings per share of $2.00 - $2.25, and net sales to range between negative 2 and positive 3 percent on a constant-currency basis.

The projection include, among several factors, assumptions related to the timing of genericization of Precedex (dexmedetomidine HCl), the company's proprietary pharmaceutical for sedation.

On a reported basis, earnings per share for the year are expected between $1.09 and $1.29.