St. Jude beats 1Q net income and revenue expectations

Markets Associated Press

St. Jude Medical Inc. (STJ) on Wednesday reported first-quarter net income of $262 million.

Continue Reading Below

The St. Paul, Minnesota-based company said it had profit of 91 cents per share. Earnings, adjusted for one-time gains and costs, came to 93 cents per share.

The results exceeded Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of 91 cents per share.

The medical device maker posted revenue of $1.35 billion in the period, also beating Street forecasts. Ten analysts surveyed by Zacks expected $1.32 billion.

For the current quarter ending in June, St. Jude expects its per-share earnings to range from 99 cents to $1.01.

The company said it expects revenue in the range of $1.37 billion to $1.4 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $1.4 billion.

Continue Reading Below

St. Jude expects full-year earnings in the range of $3.92 to $3.97 per share, with revenue ranging from $5.44 billion to $5.52 billion.

St. Jude shares have risen slightly more than 6 percent since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 2 percent. The stock has risen 10 percent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on STJ at http://www.zacks.com/ap/STJ

_____

Keywords: St. Jude, Earnings Report