Edwards earnings drop on charges

Edwards Lifesciences Corp., which makes heart valves and other cardiovascular products, said fourth-quarter profit fell on a mix of restructuring charges.

The Irvine-based company earned $15.8 million, or 27 cents a share, compared with profit of $20.7 million, or 34 cents, a year earlier. Excluding one-time items, the company said it earned 56 cents a share. Analysts polled by Thomson Financial, on average, expected profit of 53 cents a share.

Edwards said charges included $13.9 million in restructuring costs and $7.3 million in severance costs, among other items.

Revenue rose 10% to $293 million from $265.6 million. Analysts expected revenue of $280.1 million.

Shares of Edwards Lifesciences rose 18 cents to $47.28 in after-hours trading after rising 11 cents to $47.10 during the regular session.