St. Jude Medical Q3 Profit Beats Estimates; Adjusts Q4 Outlook - Quick Facts

(RTTNews) - St. Jude Medical Inc. (STJ) reported third-quarter net earnings attributable to company of $238 million or $0.82 per share, compared to $262 million or $0.90 per share, last year. The company noted that it recognized net after-tax charges of $39 million, or $0.14 per share, primarily related to product field actions, impairment charges and restructuring activities, in the third quarter. Adjusted net earnings attributable to St. Jude Medical, Inc. was $281 million or $0.97 per share, for the quarter.

On average, 25 analysts polled by Thomson Reuters expected the company to report profit per share of $0.96 for the quarter. Analysts' estimates typically exclude special items.

Net sales increased to $1.37 billion from $1.34 billion, prior year. Analysts expected revenue of $1.38 billion for the quarter.

For the fourth quarter, St. Jude Medical expects revenue to be in the range of $1.385 billion to $1.465 billion. The company expects its consolidated adjusted net earnings for the fourth quarter of 2014 to be in the range of $1.02 to $1.04 per share. Analysts expect the company to report fourth-quarter earnings per share of $1.04 on revenue of $1.49 billion.

For the full-year 2014, the company now expects total revenue to be in the range of $5.568 billion to $5.648 billion. The company expects 2014 consolidated adjusted net earnings to now be in the range of $3.97 to $3.99. Analysts expect the company to report full year earnings per share of $3.98 on revenue of $5.69 billion.

St. Jude Medical CEO Daniel 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."