UPDATE: St. Jude Posts Upbeat Q3 Earnings, Lowers Forecast

Loading...
Loading...
St. Jude Medical
STJ
reported upbeat earnings for the third quarter and cut its revenue forecast for the year. The Saint Paul, Minnesota-based company posted a quarterly profit of $238 million, or $0.82 per share, versus a year-ago profit of $262 million, or $0.90 per share. Excluding certain items, its earnings climbed to $0.97 per share. Its sales rose 2.5% to $1.37 billion. St. Jude Medical in July had expected earnings of $0.95 to $0.97 per share on sales of $1.32 billion to $1.4 billion. Analysts were expecting earnings of $0.96 per share on sales of $1.39 billion. Total cardiac-rhythm-management sales gained 1% to $688 million, while pacemaker sales climbed 1% to $266 million. Atrial fibrillation product sales rose 8% to $253 million, while total cardiovascular sales gained 2% to $324 million. Neuromodulation product sales climbed 3% to $107 million in the quarter. St. Jude Medical Chairman, President and Chief Executive Officer Daniel J. Starks said, “During the third quarter, sales growth accelerated in the U.S. due to the strength of our innovation and new products such as our CardioMEMS heart failure monitoring system. However, sales growth in our international markets was slower than expected and we have adjusted our outlook for the fourth quarter accordingly.” St. Jude now expects FY14 earnings of $3.97 to $3.99 per share, versus its previous forecast of $3.96 to $4.01 per share. It projects revenue of $5.57 billion to $5.65 billion, versus its prior forecast of $5.64 billion to $5.76 billion. The company also expects Q4 earnings of $1.02 to $1.04 per share on sales of $1.39 billion to $1.47 billion. Analysts expected earnings of $1.04 per share on sales of $1.49 billion. St. Jude Medical shares declined 1.17% to close at $59.91 yesterday.
Loading...
Loading...
Posted In: EarningsNewsGuidanceprofit
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...