St. Jude raises 2008 profit forecast

The St. Paul, Minn., company expects to earn between 56 and 58 cents per share in the third quarter. It raised its full-year outlook to $2.28 to $2.33 per share, up from $2.15 to $2.20. In the September quarter, St. Jude expects 56 cents to 58 cents per share in profit.

According to Thomson Financial, analysts expect an average of 53 cents per share in the third quarter and $2.19 per share for the full year.

St. Jude originally called for a profit of $2.08 to $2.13 per share but raised its estimates after reporting first-quarter results.

In the second quarter, the company's profit grew 50 percent, as sales increased in all four of St. Jude's divisions, including cardiac rhythm management and cardiovascular products. Total revenue increased 20 percent, and both figures surpassed Wall Street expectations.

St. Jude's second-quarter 2007 profit was also weighed down by a charge connected to the settlement of a patent lawsuit.

In premarket trading, the stock gained $3.24, or 7.4 percent, to $47.20. St. Jude shares finished at $43.96 Tuesday and have traded between $36.90 and $48.10 over the last year.