ST. PAUL, Minn. (AP) — St. Jude Medical Inc. (STJ) on Wednesday reported earnings that more than doubled in its second quarter, and topped analysts' expectations.
The St. Paul, Minnesota-based company said profit rose to $270 million, or 93 cents per share, from $115 million, or 40 cents per share, in the same quarter a year ago.
Earnings, adjusted for one-time gains and costs, were $1.02 per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1 per share.
The medical device maker said revenue rose 3.2 percent to $1.45 billion from $1.4 billion in the same quarter a year earlier, and beat Wall Street forecasts. Analysts expected $1.44 billion, according to Zacks.
For the third quarter, the company expects adjusted earning between 95 cents per share and 97 cents per share and revenue between $1.315 billion and $1.395 billion. Analysts expect earnings of 96 cents per share and revenue of $1.4 billion, according to FactSet.
For the full year, St. Jude Medical expects adjusted earnings between $3.96 per share and $4.01 per share and revenue between $5.64 billion and $5.76 billion. Analysts expect earnings of $3.99 per share and revenue of $5.7 billion, according to FactSet.
St. Jude shares have risen $6.33, or 10 percent, to $68.28 since the beginning of the year, while the Standard & Poor's 500 index has climbed 6.8 percent. The stock has climbed $19.82, or 41 percent, in the last 12 months.