Boston Scientific Corp. (BSX) reported that its fourth-quarter net income decreased to $60 million or $0.04 per share from $107 million or $0.07 per share last year. The company also announced an expansion of its 2011 restructuring program. The company anticipates the reduction of 900 to 1,000 positions worldwide through a combination of employee attrition and targeted headcount reductions as a result of the expansion.
The fourth-quarter results included divestiture-related net credits, acquisition, restructuring- and litigation-related charges, and amortization expense, of $192 million or $0.14 per share. Adjusted profit per share was $0.18. On average, 22 analysts polled by Thomson Reuters expected the company to report fourth-quarter profit per share of $0.11.
Net sales decreased to $1.82 billion from $1.85 billion last year. Analysts expected revenue of $1.76 billion for the quarter.
The company estimates sales for the first quarter of 2013 in a range of $1.740 billion to $1.815 billion. The company estimates earnings on a GAAP basis in a range of $0.04 to $0.07 per share. Adjusted earnings are estimated in a range of $0.14 to $0.17 per share. Analysts expect the company to report first-quarter profit per share of $0.10 on revenue of $1.79 billion.
The company estimates sales for the full year 2013 in a range of $7.050 billion to $7.350 billion. The company estimates earnings on a GAAP basis in a range of $0.29 to $0.37 per share. Adjusted earnings are estimated in a range of $0.64 to $0.70 per share. Analysts expect the company to report fiscal 2013 profit per share of $0.43 on revenue of $7.12 billion.
The company estimates that the expansion of restructuring program will reduce gross annual pre-tax operating expenses by approximately $100 million to $115 million exiting 2013; and that the total 2011 restructuring program, including the expansion, will reduce gross annual pre-tax operating expenses by approximately $340 million to $375 million exiting 2013.
The company estimates that the implementation of the expansion will result in total pre-tax charges of approximately $140 million to $160 million, and that approximately $100 million to $120 million of these charges will result in future cash outlays. The company estimates that the implementation of the Total Program will result in total pre-tax charges of approximately $300 million to $355 million, and that approximately $270 million to $300 million of these charges will result in future cash outlays.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.