Medtronic Reports Strong Financial Results In Previous Quarter
DUBLIN (AP) — Medtronic reported better-than-expected financial results in the most recent quarter, as sales for its pacemakers, stents and other medical products rose.
Shares of Medtronic PLC rose less than 1 percent before the stock market opened Tuesday.
Medtronic said it also got a revenue boost from its $50 billion acquisition of surgical equipment maker Covidien. That deal closed last year.
Sales at its minimally invasive therapies group, which includes Covidien's business, rose 3 percent in the quarter from a year ago. Sales at its cardiac and vascular business rose 5 percent.
On Tuesday, Medtronic reported fourth-quarter net income of $1.1 billion, after reporting a loss of $1 million in the same period a year earlier.
The Dublin-based company said its net income amounted to 78 cents per share. Earnings, adjusted for amortization costs and to extinguish debt, came to $1.27 per share.
The adjusted results topped Wall Street expectations. The average estimate of 21 analysts surveyed by Zacks Investment Research was for earnings of $1.26 per share.
Revenue rose 3.6 percent to $7.57 billion in the period, which also topped Street forecasts. Twenty-one analysts surveyed by Zacks expected $7.48 billion.
For the year, the company reported profit of $3.54 billion, or $2.48 per share. Revenue was reported as $28.83 billion.
Medtronic expects full-year earnings in the range of $4.60 to $4.70 per share. Analysts expected earnings of $4.70 per share, according to FactSet.
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