St. Jude Medical (NYSE:STJ) topped expectations on Wall Street with its 4th-quarter and 2013 results, prompting early-bird investors to send share prices up today in pre-market trading.
St. Jude reported profits of $123 million, or 42¢ per share, on sales of $1.42 billion for the 3 months ended Dec. 28, 2013, for profit growth of 2.5% on sales growth of 3.6%. Adjusted to exclude 1-time items, earnings per share were 99¢, 3¢ ahead of The Street.
Full-year profits were $1.09 billion, or $2.49 per share, on sales of $5.50 billion. Adjusted EPS were $3.76, 2¢ ahead of analysts’ forecasts.
Investors reacted by sending STJ shares up 1.5% to $66.97 in pre-market trading this morning.
"In addition to delivering on our goal to accelerate sales growth throughout the year, we achieved significant EPS leverage with adjusted net earnings per share growing 12 percent on a constant currency basis. In 2014, we will continue to focus on addressing the challenges of today’s health care environment by delivering innovative solutions that improve patient outcomes while reducing the economic and clinical burdens of some of the world’s most expensive, epidemic diseases," chairman, president & CEO Daniel Starks said in prepared remarks.
St. Jude said it expects 1st-quarter adjusted EPS of 94¢-96¢ on sales of between $1.28 billion and $1.360 billion. Full-year adjusted EPS are pegged at $3.94 to $3.99 on sales of $5.60 billion to $5.75 billion, according to a press release.