Revenue of $5.8B fell 9% from a year ago thanks to the big slide in the yen. Operating earnings per share of $1.40 fell from $1.48 a year ago, with the weaker yen accounting for $0.18 of the drop.
Company repurchased 7.6M shares for $502M, bringing full year buybacks to 13.2M shares for $800M. The current authorization has 49.2M more shares available.
Book value of $31.82 per share is up from $31.47 at the end of Q3. Annualized ROE on an operating basis in Q4 of 18.5% would have been 22.4% without the impact of the yen.
2014 outlook: U.S. sales growth flat to up 5%; Japan sales of third sector cancer and medical products up 2%-7%. Goal is to increase operating EPS by 2-5% on a currency neutral basis. Share repurchases will help, but headwinds include the low interest rate environment in Japan, sizable infrastructure investments to be made in both the U.S. and Japan, and a boost in Japan's consumption tax to 8% from 5%.
CC tomorrow at 9 ET
AFL -0.8% AH