WASHINGTON (dpa-AFX) - St. Jude Medical Inc. (STJ) reported that net earnings attributable to the company for the second quarter of 2014 increased to $270 million or $0.93 per share, from $115 million or $0.40 per share in the second quarter of 2013.
In the second quarter, the company recognized net after-tax charges of $21 million, or $0.08 per share, primarily related to continued actions associated with its previously announced restructuring activities.
The reported net earnings for the second quarter 2014 do not include any benefit from the research and development tax credit, which has yet to be extended for 2014.
Adjusted net earnings for the second quarter of 2014 were $295 million, or $1.02 per share, compared with adjusted net earnings for the second quarter of 2013 of $0.96 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $1.00 per share for the quarter. Analysts' estimates typically exclude special items.
Quarterly net sales were $1.448 billion, a 3 percent increase on a reported and constant-currency basis over net sales of $1.403 billion last year. Wall Street expected revenues of $1.44 billion. Favorable foreign currency translation comparisons increased second quarter sales by approximately $4 million.
For the third quarter of 2014, the company expects its net earnings per share to be in the range of $0.82 - $0.84, adjusted net earnings per share of $0.95 to $0.97 per share, on projected revenue of $1.315 billion to $1.395 billion. Analysts expect the company to report earnings of $0.96 per share and revenues of $1.40 billion for the third-quarter.
For the full-year 2014, the company now anticipates net earnings per share to be between $3.57 and $3.62, adjusted net earnings per share of $3.96 to $4.01, and total revenue of $5.640 billion to $5.760 billion. The company said in April that it expected adjusted net earnings in a range of $3.95 to $4.00 per share, on projected revenues between $5.61 billion and $5.76 billion for the full-year 2014. Street currently is looking for fiscal year 2014 earnings of $3.99 per share on annual revenues of $5.70 billion.
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