St. Jude Medical Q3 Results Beat Estimates; Updates 2013 Adj. EPS View

(RTTNews) - Medical equipment maker St. Jude Medical, Inc. (STJ) reported higher third-quarter net earnings attributable to the company of $262 million or $0.90 per share, compared with last year's $176 million or $0.56 per share. On average, 23 analysts polled by Thomson Reuters expected earnings per share of $0.89 for the quarter. Analysts' estimates typically exclude one-time items.

In the quarter, the firm recognized after-tax charges of $15 million, or $0.05 per share, chiefly relating to acquisition-related costs and continued actions associated with its restructuring activities. Also, it recognized an income tax benefit of $15 million, or $0.05 per share, related to the settlement of domestic tax audits. Third-quarter adjusted net earnings per share went up 12 percent on a currency neutral basis, the company said.

Net sales of $1.34 billion in the recent quarter, were one percent ahead of the prior-year figure of $1.33 billion. Analysts estimated revenues of $1.32 billion for the quarter. According to the company, the unfavorable foreign currency translation comparisons lowered third quarter sales by about $26 million. On a currency neutral basis, net sales rose nearly 3 percent from the 2012 third quarter.

Looking ahead to the fourth quarter, St. Jude Medical sees adjusted net earnings of $0.95 - $0.97 per share and revenue of $1.315 billion - $1.395 billion. Analysts project fourth-quarter earnings of $0.96 per share and revenue of $1.39 billion.

For 2013, the firm now projects adjusted net earnings of $3.72 - $3.74 per share. Full-year total revenue is likely to be in the range of $5.394 billion - $5.474 billion, whereas analysts anticipate annual earnings per share of $3.72 on $5.45 billion in revenues.