By Michael Calia
St. Jude Medical Inc. warned of foreign-exchange pressures this
year as its sales and profit for the most recent period matched the
company's preliminary results that were released earlier this
month.
St. Jude said it expects to post $3.95 to $4 a share in earnings
for the year, with negative currency effects of $325 million to
$350 million on revenue. Analysts polled by Thomson Reuters had
projected $4.13 a share in earnings.
For the current quarter, the company said it expects to post
per-share earnings of 90 cents to 92 cents. Analysts had expected
97 cents a share.
The company's atrial fibrillation business has been driving
growth in sales. The unit posted sales of $283 million in the most
recent quarter, an increase of 12% from the same period a year
earlier.
Generally, however, sales in other segments were predominantly
down, with a slide in international sales offsetting gains in the
U.S.
Total U.S. sales rose 6% in the period to $678 million, while
international sales fell 3% to $761 million. In constant-currency
terms, international sales rose 4%, the company said.
Overall, the company posted earnings of $245 million, or 84
cents a share, up from $123 million, or 42 cents a share, a year
ago. Excluding items, earnings rose to $1.03 a share from 99 cents
a share.
The company had expected $1.02 to $. 104 a share in
earnings.
Sales rose 1.2% to $1.44 billion, in line with its expectations
earlier this month.
Write to Michael Calia at michael.calia@wsj.com
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