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St. Jude Forecast Edges Higher

The medical-devices maker says third-quarter sales rise 28% from a year ago.
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St. Jude Medical

(STJ)

said third-quarter sales rose 28% from a year ago, and the company, which announced an acquisition over the weekend, slightly lifted its earnings guidance for the full year.

The St. Paul, Minn., medical-devices maker said Monday that sales for the quarter climbed to $738 million from $578 million a year ago. St. Jude earned $168 million, or 44 cents a share, compared with $91 million, or 25 cents a share, last year.

Excluding items, the company would have earned 40 cents a share, a penny ahead of Wall Street's estimates, vs. 31 cents in the prior year.

St. Jude is projecting fourth-quarter earnings of 39 cents to 40 cents a share. Based on the results of the third quarter, the company raised its forecast for the full year to earnings of $1.52 to $1.53. Analysts surveyed by Thomson First Call were expecting 40 cents in the fourth quarter and $1.51 for the year.

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On Sunday, St. Jude disclosed plans to buy

Advanced Neuromodulation Systems

(ANSI)

for $61.25 a share,

giving the pact a value of roughly $1.3 billion. Before the acquisition news, St. Jude had been planning to release its quarterly results Wednesday.

Shares of St. Jude were gaining 78 cents, or 1.7%, to $46.54.