Edwards Lifesciences (NYSE:EW) revised its books based on new tax rules on repatriating foreign profits that went into effect last year, leading to a swing to losses for the fourth quarter and modest growth for the full year.
The charges, amounting to a $326.7 million Q4 charge and $451.3 million for 2017, left the replacement heart valve maker’s sales and adjusted earnings untouched. Edwards had reported the charges as $288.2 million and $412.8 million, respectively.
The Irvine, Calif.-based company originally posted Q4 profits of $35.7 million, or 17¢ per share, on sales of $888.5 million, for a bottom-line slide of -77.5% on sales growth of 15.7% compared with Q4 2016; adjusted EPS were 94¢. Full-year profits were $622.1 million, or $2.88 per share, on sales of $3.4 billion, for bottom-line growth of 9.2% on sales growth of 15.9% compared with 2016; adjusted 2017 EPS were $3.80.
The company forecast adjusted 2018 EPS of between $4.43 and $4.63, on sales of $3.5 billion to $3.9 billion. First-quarter adjusted EPS are pegged at between $1.04 and $1.14 on sales of $900 million to $950 million.
EW shares were down -1.0% to $128.41 apiece today in mid-morning trading.