MARLBOROUGH, Mass. (AP) — Boston Scientific Corp. (BSX) on Wednesday reported first-quarter net income of $298 million.
On a per-share basis, the Marlborough, Massachusetts-based company said it had net income of 21 cents. Earnings, adjusted for one-time gains and costs, came to 33 cents per share.
The results topped Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 31 cents per share.
The medical device manufacturer posted revenue of $2.38 billion in the period, also exceeding Street forecasts. Nine analysts surveyed by Zacks expected $2.34 billion.
Most Read Business Stories
- Defamation suit about election falsehoods puts Fox on its heels
- Starbucks says labor board helping pro-union workers in Seattle, elsewhere
- Skyrocketing Seattle-area rents leave tenants with no easy choices
- Frustration for electric car drivers: finding a charger that works
- More home deals are falling through
For the current quarter ending in July, Boston Scientific expects its per-share earnings to range from 33 cents to 35 cents.
The company said it expects revenue in the range of $2.45 billion to $2.5 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $2.44 billion.
Boston Scientific expects full-year earnings in the range of $1.37 to $1.41 per share, with revenue ranging from $9.75 billion to $9.9 billion.
Boston Scientific shares have climbed 15 percent since the beginning of the year, while the Standard & Poor’s 500 index has decreased 1.5 percent. The stock has climbed 12 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BSX at https://www.zacks.com/ap/BSX