St Jude Medical says fourth-quarter results to exceed forecast

Wed Jan 9, 2013 5:41pm EST

(Reuters) - St. Jude Medical Inc (STJ.N) said on Wednesday that fourth-quarter profit would exceed its earlier forecast, as well as current Wall Street expectations, helped by cost-cutting measures.

St. Jude shares rose nearly 2 percent in extended trading.

The medical device maker said it now expects to report earnings of 90 to 92 cents per share, excluding items, and net sales of about $1.37 billion for the quarter. The profit would exceed its previous forecast by 2 to 4 cents. Analysts on average are looking for a profit of 87 cents per share, according to Thomson Reuters I/B/E/S.

The adjusted earnings exclude 50 to 60 cents per share related to restructuring and other charges, the company said.

St. Jude issued the preliminary results in conjunction with a presentation by Chief Executive Daniel Starks at the annual JP Morgan Healthcare Conference in San Francisco.

It said fourth-quarter sales in cardiac rhythm management products - its largest unit - fell 6 percent to $682 million.

The heart device maker is scheduled to report full fourth-quarter results on January 23.

St. Jude shares rose to $38.01 in after-hours trading from a New York Stock Exchange close at $37.30

(Reporting by Bill Berkrot; editing by Matthew Lewis)

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