St. Jude Medical Q3 Profit Down, Projects Q4, FY EPS Below Street View

(RTTNews) - St. Jude Medical, Inc. (STJ) Wednesday announced a decline in third quarter earnings on acquisition related expenses and ongoing restructuring. Net sales decreased two percent from the prior year, while on a constant currency basis, sales was up six percent.

For the fourth quarter, the company expects earnings attributable to St. Jude Medical in the range of $.35 to $0.41 per share. Adjusted earnings projection for the fourth quarter is in a range of $1.00 to $1.02 per share, while analysts are looking for $1.07 per share.

For the full year, the company expects earnings in a range of $3.04 to $3.10 per share, and on adjusted basis in a range of $3.93 to $3.95 per share. The Street expects $3.98 per share.

The company projects fourth quarter sales of $1.439 billion, with 7 to 8 percent growth on constant currency. For the full year, the projection is $5.622 billion, up 6 percent on constant currency. While Wall Street outlook is $1.45 billion for the next quarter and $5.55 billion for the full year.

Net earnings attributable to the company declined to $215 million or $0.75 per share, compared to $238 million or $0.82 per share last year. On an adjusted basis earnings declined to $0.97 per share from $1.02 per share in the previous year. On average, 24 analysts polled by Thomson Reuters expected the company to earn $0.97 per share. Analysts estimates usually exclude special items.

Third quarter net sales declined to $1.339 billion from $1.372 billion last year. The Street expected $1.35 billion.