Heart device maker AGA Medical Holdings Inc. said Tuesday it turned a profit in the second quarter compared to a year ago, when it took a loss after paying out millions in dividends.
AGA reported net income of $3.6 million, or 7 cents per share. A year ago AGA took a loss of $2.1 million, or 10 cents per share. Excluding one-time costs and gains, AGA said its profit came to 13 cents per share in the most recent quarter.
Revenue increased 8 percent, to $53.8 million from $50 million.
Analysts expected an average of 12 cents per share and revenue of $55 million, according to Thomson Reuters.
AGA paid $4.2 million in common and preferred stock dividends in the second quarter of 2009. The company completed its initial public offering in October.
The company reduced its 2010 profit and revenue forecasts because of the stronger U.S. dollar, which is hurting its sales overseas. AGA said its profit may be as low as 46 cents per share, compared with an earlier forecast of 49 cents to 54 cents per share. It now believes sales could be as low as $217 million, compared to prior guidance of $221 million to $226 million.
Analysts expect a profit of 47 cents per share and $220 million in revenue.
In midday trading, AGA shares slipped 28 cents to $14.32.