WASHINGTON (dpa-AFX) - Infusion pump maker CareFusion Corp. (CFN), Thursday reported an increase in profit for the third quarter, mainly as last year's earnings were weighed down by a hefty loss from discontinued operations.
San Diego, California-based CareFusion's third-quarter profit rose to $84 million or $0.37 per share from $32 million or $0.14 per share last year.
Excluding a loss of $72 million from discontinued operations, earnings from continuing operations was $104 million or $0.46 per share in the third quarter last year.
Adjusted earnings from continuing operations for the quarter were $0.59 per share compared to $0.56 per share last year.
Analysts polled by Thomson Reuters expected the company to earn $0.53 per share for the quarter. Analysts' estimates typically exclude one-time gains.
Commenting on the results, Chief Executive Kieran Gallahue said, 'Our team executed well in the third quarter, with Medical Systems performing as we expected. The Procedural Solutions segment delivered strong top- and bottom-line results on solid performance across all three businesses and continued strength in our clinically differentiated portfolio.'
CareFusion's revenues for the third quarter decreased 2 percent to $901 million from $919 million last year. Analysts polled by Thomson Reuters expected revenues of $909.16 million for the quarter.
Medical Systems revenues decreased 6 percent to $584 million, hurt mainly by declines in the dispensing technologies business unit. Meanwhile, procedural solutions segment revenues rose 6 percent, led by the medical specialties and specialty disposables business units.
Looking forward to the full year 2013, the company reaffirmed its adjusted earnings from continuing operations guidance of $2.11 to $2.21 per share. However, CareFusion lowered its full-year revenue growth outlook, and now expects revenues to be flat to down low-single-digits. Previously, the company expected revenue growth of 1 to 3 percent, compared to revenues of $3.6 billion in 2012.
Analysts currently estimate earnings of $2.15 per share for 2013.
CFN closed Thursday's regular trade at $34.65, up $0.03 or 0.09%, on the NYSE. The stock further gained $0.07 or 0.19%, in after-hours trade.
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