Despite a decrease in revenue, St. Jude Medical's (NYSE:STJ) profit increased.
Earnings and Revenue The company managed to beat EPS estimates, though the company's revenues failed to top expectations. The company reported adjusted net income of 88 cents a share versus the 87 cents a share estimate and revenues of $1.41 billion versus the $1.43 billion estimate. The estimates of 18 analysts ranged from profit of 86 cents to profit of 88 cents.
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For the second quarter, the company reported net income of $244 million. According to the reported number, this is up 1.3% from last year's levels. Revenue fell 2.5% from $1.45 billion in the same period last year.
Company Fundamental Trends Last quarter's profit boost ends a two-quarter streak of year-over-year profit decreases. Slumping revenue in the last quarter ends The company's streak of at least four consecutive quarters of revenue increases.
History Against Expectations The company has now topped analyst estimates for at least the last four quarters. It beat by 3 cents in the first quarter, 2 cents in the fourth quarter of the last fiscal year and 2 cents in the third quarter of the last fiscal year.
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.