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Edwards Lifesciences stock drops 8% after forecast misses

Edwards Lifesciences Corp. shares dropped in late trading Tuesday after the company provided a disappointing forecast. The company reported first-quarter earnings of 96 cents a share on sales of $894.8 million. After adjusting for sales reserves, litigation expenses and other effects, the company claimed earnings of $1.22 a share on sales of $937.5 million. Analysts on average expected adjusted earnings of $1.11 a share on sales of $932.3 million, according to FactSet. The company forecast adjusted earnings of $1.05 to $1.15 in the second quarter on sales of $960 million to $1 billion. Analysts on average were projecting adjusted earnings of $1.17 a share on sales of $967 million, according to FactSet. Edwards stock declined about 8% in after-hours trading.

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