Medtronic: Fiscal 1Q Earnings Snapshot
DUBLIN (AP) — Medtronic PLC (MDT) on Tuesday reported fiscal first-quarter profit of $864 million.
On a per-share basis, the Dublin-based company said it had profit of 64 cents. Earnings, adjusted for one-time gains and costs, came to $1.26 per share.
The results beat Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $1.18 per share.
The medical device company posted revenue of $7.49 billion in the period, also topping Street forecasts. Eleven analysts surveyed by Zacks expected $7.41 billion.
Medtronic expects full-year earnings in the range of $5.54 to $5.60 per share.
Medtronic shares have climbed 15% since the beginning of the year, while the Standard & Poor’s 500 index has increased 17%. The stock has risen 15% in the last 12 months.