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St Jude Medical's quarterly profit doubles as expenses fall
July 16, 2014 / 12:45 PM / 3 years ago

St Jude Medical's quarterly profit doubles as expenses fall

July 16 (Reuters) - Heart device maker St. Jude Medical Inc reported a quarterly net profit that more than doubled as expenses fell.

Net earnings attributable to St. Jude rose to $270 million, or 93 cents per share, in the second quarter ended June 28, from $115 million, or 40 cents per share, a year earlier.

Net sales rose 3 percent to $1.45 billion.

The company said “other expenses” fell to $21 million in the latest quarter from $183 million.

Excluding special items and including the benefit of an R&D tax credit adjustment, adjusted earnings were $1.02 per share. On that basis, analysts on average had expected $1.00 per share, according to Thomson Reuters I/B/E/S. (Reporting by Shailesh Kuber; Editing by Sriraj Kalluvila)

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