St. Jude Medical Inc. (STJ) reported that its third-quarter net earnings were $166.94 million or $0.48 per share, compared to $184.70 million or $0.53 per share in the same quarter last year.
In the third quarter, the Company recorded pre-tax charges of $57 million, or $0.11 per diluted share, comprised primarily of employee termination costs related to continuing efforts to improve sales and sales support productivity as well as to streamline manufacturing operations.
Excluding these charges, adjusted net earnings for the third quarter were $204 million, or $0.59 per share, compared to $189.60 million or $0.54 per share in the year-ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.63 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter were $1.160 billion, an increase of 7% from $1.084 billion in the third quarter of 2008. Twenty five analysts had consensus revenue estimate of $1.19 billion for the quarter.
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