St. Jude Meets 3Q Profit Forecasts

ST. PAUL, Minn. (AP) — St. Jude Medical Inc. (STJ) on Wednesday reported third-quarter net income of $215 million.

On a per-share basis, the St. Paul, Minnesota-based company said it had profit of 75 cents. Earnings, adjusted for one-time gains and costs, came to 97 cents per share.

The results met Wall Street expectations. The average estimate of 21 analysts surveyed by Zacks Investment Research was also for earnings of 97 cents per share.

The medical device maker posted revenue of $1.34 billion in the period, which did not meet Street forecasts. Twenty-one analysts surveyed by Zacks expected $1.35 billion.

For the current quarter ending in, St. Jude expects its per-share earnings to range from $1 to $1.02. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.07.

The company said it expects revenue in the range of $1.46 billion to $1.48 billion for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $1.43 billion.

St. Jude expects full-year earnings in the range of $3.93 to $3.95 per share, with revenue ranging from $5.55 billion to $5.57 billion.

St. Jude shares have risen 5 percent since the beginning of the year, while the Standard & Poor's 500 index has declined slightly more than 1 percent. The stock has increased 16 percent in the last 12 months.

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