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California and the West | EARNINGS ROUNDUP

Edwards Lifesciences Swings to Profit

October 20, 2006|From the Associated Press

Edwards Lifesciences Corp., a Irvine-based heart device maker, swung to a third-quarter profit as it recorded fewer special charges and a lower cost for goods sold.

The company reported a profit of $27.8 million, or 45 cents a share, contrasted with a loss of $4.4 million, or 7 cents, a year earlier.

Excluding one-time charges and stock option expenses, the company said net income rose to $32.5 million, or 53 cents a share, from $29 million, or 46 cents, a year earlier.

The company recorded $2 million in special charges in the recent quarter, versus $21.4 million a year earlier. Interest expense came in at $800,000, compared with $2.2 million in the year-earlier period.

Revenue rose 3% to $247.4 million from $240.9 million a year earlier, with the cost of goods sold falling 4% to $87.4 million. Heart valve sales grew 4% to $117.3 million.

Analysts surveyed by Thomson Financial expected earnings per share of 47 cents on revenue of $255.1 million. Estimates include stock option expenses but do not generally include one-time items.

The company forecast fourth-quarter earnings per share of 52 cents to 54 cents, including about 5 cents to 6 cents a share of stock option expenses. For the year, Edwards estimated earnings per share of $2.24 to $2.26 excluding special items and option expenses and $2.03 to $2.05 excluding only special items.

The company also sees full-year sales at the low end of its previously estimated range of $1.04 billion to $1.06 billion.

Analysts estimate fourth-quarter earnings per share of 54 cents and full-year earnings of $2.04 on sales of $1.05 billion.

Shares of Edwards fell 4 cents to $46.21.

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