CareFusion profit rises on sales, reduced expenses

CareFusion profit grows 29 percent in 4th-quarter on higher sales and reduced costs

Associated Press

SAN DIEGO (AP) -- Medical device maker CareFusion Corp. said Thursday its fiscal fourth-quarter profit rose 29 percent on a combination of increased sales and reduced operating costs.

The company reported a profit of $110 million, or 49 cents per share, up from $85 million, or 37 cents per share, in the prior year period. Revenue increased 3 percent to $968 million for the period ended June 30.

Analysts polled by FactSet predicted earnings of 50 cents per share on revenue of $957.1 million.

The company's selling and administrative expenses fell 10 percent.

"I am proud of our team for the progress we made this year to optimize our portfolio, simplify the complexity of our infrastructure, and reduce administrative expenses to fund research and development and other growth initiatives," said Kieran Gallahue, chairman and CEO.

During the quarter the company divested its Nicolet neurodiagnostic business to Natus Medical Inc. for $58 million.

For fiscal 2013 the company expects adjusted earnings per share between $2.11 and $2.21, ahead of the average analyst estimate of $1.98 per share.

Shares of CareFusion rose 93 cents, or 3.8 percent, to $25.50 in after-hours trading, after adding 17 cents to $24.57 during regular trading.

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