WASHINGTON (dpa-AFX) - Boston Scientific Corp. (BSX) reported net earnings of $43 million or $0.03 per share for the third quarter, compared to a net loss of $5 million or breakeven per share in the prior-year quarter.
Results for the latest quarter include intangible asset impairment charges, acquisition- and divestiture-, restructuring-, and litigation-related net charges, and amortization expense, of $230 million (after-tax) or $0.17 per share.
Excluding certain items, adjusted earnings for the quarter was $273 million or $0.20 per share, compared to $230 million or $0.17 per share in the year-ago quarter.
On average, 23 analysts polled by Thomson-Reuters expected the company to report earnings of $0.20 per share for the quarter. Analysts' estimates typically exclude one-time items.
Net sales for the quarter increased 6 percent to $1.85 billion, from $1.74 billion in the same quarter last year. Twenty-three Wall Street analysts had a consensus revenue estimates of $1.82 billion for the quarter.
Looking ahead to the fourth quarter, the company expects adjusted earnings in a range of $0.20 to $0.22 per share, on projected revenues between $1.875 and $1.925 billion. Analysts expect the company to report earnings of $0.21 per share on quarterly revenues of 1.92 billion.
For fiscal 2014, the company raised its adjusted earnings guidance to a range of $0.81 to $0.83 per share from the prior forecast in the range of $0.79 to $0.83 per share. The company also now projects revenues between $7.370 to $7.420 billion, up from the previously forecast between $7.325 to $7.425 billion.
Street is currently looking for full-year 2014 earnings of $0.82 per share on annual revenues of $7.39 billion.
Copyright RTT News/dpa-AFX
© 2014 AFX News
