WASHINGTON (dpa-AFX) - St. Jude Medical Inc. (STJ) said Wednesday its fourth-quarter profit declined from a year ago as one-time impairments offset a four percent growth in sales. Nevertheless, excluding items, adjusted earnings for the quarter topped Street estimates, while sales were in line. Following the announcement, St. Jude shares gained over 4 percent on the New York Stock Exchange. The medical device maker also provided its guidance for the full year 2012 which is indicated to miss current Street estimates. St. Paul, Minnesota-based St. Jude reported fourth-quarter net earnings of $163 million or $0.51 per share, a decline from $206 million or $0.62 per share last year. Results for the quarter include $102 million after-tax charges related to ongoing restructuring actions, and a $9 million after-tax contribution to the St. Jude Medical Foundation. Excluding items, adjusted earnings for the quarter was $274 million or $0.86 per share, compared to $251 million or $0.75 per share in the same quarter last year. On average, 29 analysts polled by Thomson Reuters expected earnings of $0.84 per share for the quarter. Analysts' estimates typically exclude special items. St. Jude posted fourth quarter sales of $1.4 billion, compared to $1.35 billion last year. Analysts expected revenues of $1.4 billion for the quarter. Total Cardiac Rhythm Management segment sales, which include implantable cardioverter defibrillator and pacemaker products, slid 4 percent from last year to $728 million. Atrial Fibrillation segment improved 13 percent to $218 million, and Neuromodulation segment grew 12 percent to $121 million, year-over-year. Cardiovascular segment sales jumped 18 percent to $340 million from last year. For the first quarter, St. Jude expects net earnings of $0.76 to $0.78 per share, and adjusted earnings of $0.82 to $0.84 per share. Analysts currently expect earnings of $0.85 per share for the first quarter. For fiscal year 2012, the company has forecast net earnings of $3.23 to $3.28 per share, and adjusted earnings of $3.43 to $3.48 per share. Analysts currently expect earnings of $3.52 per share for the year. STJ is trading at $40.15, up $1.59 or 4.12%, on a volume of 2.2 million shares.
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