UPDATE: Hospira Shares Rise On Earnings Beat

Shares of Hospira

rose more than 3.5% in pre-market trading after the company reported better-than-expected third-quarter earnings and lifted the bottom of its full-year forecast. Hospira now projects full-year earnings of $2.40 to $2.50 per share. It also projects sales to increase 8.5% to 9.5% on a constant-currency basis, versus its earlier forecast of 6% to 9% growth. The Lake Forest, Illinois-based company reported a quarterly profit of $158.6 million, or $0.92 per share, versus a year-ago profit of $1.9 million, or $0.01 per share. Excluding certain items, the company's earnings rose to $0.74 per share from $0.51 per share. Its sales jumped 14% to $1.15 billion. However, analysts were expecting earnings of $0.53 per share on revenue of $1.08 billion. For the first nine months of 2014, cash flow from operations rose to $334 million, versus $62 million in the year-ago period. F. Michael Ball, chief executive officer said, "Our dedicated focus on execution supports our strong results, as do the investments we have been making to reinforce our foundation and drive growth. Despite the genericization of our proprietary sedation product Precedex™ in the quarter, we are on track to meet our guidance for the year, and we remain excited about Hospira's longer-term future with our multiple growth drivers.” Hospira shares gained 3.58% to $55.00 in pre-market trading