Hospira bounces back after a troubled 1st quarter, posting an adjusted EPS 4¢ over Wall Street projections and re-affirming full-year guidance.
Hospira (NYSE:HSP) posted profits for the 3 months ended June 30 and strong per-share earnings, beating Wall Street's expectations after adjusting for 1-time items such as a less-lucrative U.S. R&D tax benefit and a huge hit for "retiring" some of its troubled infusion pump lines.
The adjusted figures have Hospira beating the Street by 4¢ with a per-share earning of 55¢, leading analysts to peg shares as "underweight."
The Lake Forest, Ill.-based company posted 2nd-quarter 2013 profits of $52.2 million, or 55¢ per diluted share. That compares with Q2 2012 losses of $2.2 million, or 2¢ lost per share.
Sales took less than a 1% dip during the quarter, remaining relatively flat at $1.03 billion in Q2 2012 and $1.03 billion in Q2 2013.
The 2nd quarter report accounts for some major 1-time items, including restructuring charges, quality control charges, certain holdings and the cost of developing a new device strategy.
In the 1st quarter the infusion pump device company took a $134 million charge on its plan to "retire" some of its older, trouble-plagued infusion pumps, subsequently lowering its sales and earnings guidance.
Q2 earnings have Hospira swinging from red to black, with the company also re-affirming 2013 guidance estimates of flat-to-5% growth and EPS of $2.00 to $2.10.
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