St. Jude Medical, Inc. (STJ) posted second quarter net earnings of $244 million or $0.78 per share versus $241 million or $0.72 per share a year ago.
In the latest quarter, the company recorded after-tax charges of $27 million, or $0.08 per share primarily related to restructuring actions initiated during the prior-year quarter to realign certain activities within its CRM business. This consists primarily of closing down operations at its location in Sweden as well as costs associated with continuing efforts to leverage sales and sales support organizations.
Adjusted earnings per share rose to $0.88 from $0.85 in the same quarter last year. On average, 24 analysts polled by Thomson Reuters expected the company to report earnings of $0.87 per share for the second quarter. Analysts' estimates typically exclude special items.
Net sales declined to $1.41 billion from $1.45 billion in the prior-year quarter. Analysts expected revenues of $1.43 billion.
Revenue for the second quarter increased 1 percent after adjusting for the impact of foreign currency.
Moving ahead, the company expects its consolidated adjusted net earnings for the third quarter of 2012 to be in the range of $0.80 to $0.82 per share. Analysts expect the company to earn $0.83 per share.
For the full-year 2012, the company now forecasts consolidated adjusted net earnings per share to be in the range of $3.40 to $3.45. Previously, the company expected adjusted earnings per share in the range of $3.44 - $3.49.
Further, during a conference call today, St. Jude Medical will provide its range for revenue expectations for the third quarter and full year by product category.
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