St. Jude boosts guidance again as sales continue steady growth

St. Jude Medical Inc. (NYSE:STJ) reported a sales increase of 7 percent during the third quarter, with all divisions save its flat pacemaker business posting sales increases.

The St. Paul, Minn.-based medical device giant posted net earnings of $208.4 million, or 63 cents per diluted share, on revenues of $1.24 billion during the three months ended Oct. 2. That compares with net earnings of $166.9 million, or 48 cents per diluted share, on sales of $1.16 billion during the same period last year.

“Our third quarter results reinforce our conviction that our growth program is on track and that St. Jude Medical is well positioned to continue growing long term at a superior rate. We now have raised our 2010 EPS guidance range for the third time in three quarters,” CEO Daniel Starks said in prepared remarks.

St. Jude’s EPS fell 5 cents shy of analysts’ consensus opinion for the quarter, but the company is more optimistic about its prospects for the fourth quarter and full year.

STJ forecast adjusted fourth-quarter earnings of between 72 cents and 74 cents per diluted share, above the consensus estimate of 69 cents per share. St. Jude boosted its full-year earnings guidance by 9 cents, saying it expects adjusted EPS of $2.98 to $3.00; analysts predict 2010 EPS of $2.91.

STJ shares were down 2.9 percent to $38.59 in mid-day trading.

Here’s a breakdown of St. Jude’s divisional sales: