St. Jude Medical Q2 Profit Rises, Lifts 2015 Adj. EPS View - Quick Facts

(RTTNews) - Cardiovascular medical devices maker St. Jude Medical Inc. (STJ) reported that net earnings attributable to the company for the second quarter increased to $290 million or $1.02 per share from $270 million or $0.93 per share in the prior-year quarter.

Results for the latest quarter primarily include $0.08 per share of restructuring charges, and $0.10 per share of discrete income tax benefits, while the year-ago included $0.15 per share of restructuring charges, and $0.08 per share of discrete income tax benefits.

Excluding items, adjusted net earnings for the quarter was $293 million or $1.03 per share, compared to $308 million or $1.07 per share in the year-ago quarter.

Adjusted earnings per share had an unfavorable foreign currency impact of $0.18 per share.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.00 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter declined 3 percent to $1.41 billion from $1.44 billion in the same quarter last year. Twenty-two Wall Street analysts had a consensus revenue estimate of $1.39 billion for the quarter. However, net sales grew 6 percent in constant currency.

Looking ahead to the third quarter, the company expects adjusted net earnings in a range of $0.96 to $0.98 per share, on projected revenue growth in the range of 5 to 7 percent on a constant currency basis to between $1.440 billion and $1.470 billion. Analysts expect the company to report earnings of $0.96 per share and revenues of $1.34 billion for the quarter.

For fiscal 2015, the company now expects adjusted net earnings in a range of $3.96 to $4.00 per share, on projected revenue growth in the range of 4 to 6 percent on a constant currency basis to between $5.435 billion and $5.575 billion.

Street is currently looking for full-year 2015 earnings of $3.94 per share on annual revenues of $5.51 billion.

Previously, the company projected adjusted net earnings in the range of $3.95 to $4.00 per share, on revenues growth in the range of 4 to 5 percent on a constant currency basis.