St. Jude Medical trims 2009 profit estimate

St. Jude Medical pares full-year profit goal, but view is close to Wall Street expectations

• On 11:46 am EDT, Wednesday October 21, 2009

ST. PAUL, Minn. (AP) -- St. Jude Medical Inc. trimmed its annual profit forecast on Wednesday, and projected a disappointing fourth quarter profit.

St. Jude said it expects a profit of $2.41 to $2.43 per share this year, excluding one-time costs. It previously forecast $2.48 to $2.54 per share, but analysts were not expecting the company to reach that range. According to Thomson Reuters, analysts expect $2.44 per share.

The estimate includes a profit of 61 cents to 63 cents per share in the fourth quarter, slightly below analyst forecasts of 66 cents per share.

It said it was lowering its expectations for the quarter because about 50 U.S. hospitals failed to participate in normal quarter end purchases of cardiac rhythm management devices due to a variety of financial considerations.

The company said it was "confident that our long term growth program is on track."

Excluding one-time costs for job cuts and impairments, the company's third quarter results met Wall Street expectations.

Its shares rose 72 cents, or 2.2 percent, to $33.88 in late morning trading.