Medtronic earnings match expectations

February 20, 2018 GMT

Medtronic saw an increase in adjusted earnings for the third quarter, with earnings per share matching analyst expectations after accounting for one-time factors.

Medtronic, which has its operational headquarters in Fridley, said in an earnings release Tuesday that the medical device manufacturer posted nearly $7.37 billion in revenue, an increase of 7 percent compared with last year after adjusting for currency impacts.

Excluding one-time factors, the medical device manufacturer posted earnings of nearly $1.59 billion, or $1.17 per share, which matched the per-share earnings estimate from analysts surveyed by Thomson Reuters. Earnings in the year-ago quarter came in at $1.55 billion.

“Our results reflect a solid quarter for Medtronic, and as we expected, a strong turnaround from the first half of our fiscal year,” said Omar Ishrak, the Medtronic chief executive, in a statement.

Medtronic reiterated its financial guidance for the fiscal year, which ends in April. The company employs more than 84,000 people worldwide, including more than 9,000 in Minnesota.

Medtronic is one of the world’s largest manufacturers of pacemakers and implantable heart defibrillators.

Christopher Snowbeck • 612-673-4744 Twitter: @chrissnowbeck