Earnings

Medical device maker Medtronic posted a better-than-expected quarterly profit on Tuesday, helped by strong performance across all segments.

The company’s top-selling cardiac and vascular unit that makes defibrillators, pace-makers, heart valves and stents raked in revenue of $2.86 billion, beating analysts’ estimate of $2.84 billion, according to IBES data from Refinitiv.

Medtronic’s minimally invasive therapies business, which makes surgical instruments and endoscopy products, brought in a revenue of $2.05 billion, ahead of analysts’ estimate of $2.01 billion.

The company also raised its full-year organic revenue forecast to a range of 5.0 percent to 5.5 percent from 4.5 percent to 5.0 percent.

Net income attributable to the company fell to $1.12 billion, or 82 cents per share, in the second quarter ended Oct. 26, from $2.02 billion, or $1.48 per share, a year earlier.

The company had a $235 million income tax provision in the reported quarter, compared with a $285 million tax benefit in the year-ago quarter.

Excluding items, Medtronic earned $1.22 per share, beating analysts’ expectations of $1.15 per share.

Net sales rose 6 percent to $7.48 billion, above estimates of $7.35 billion.

Products You May Like

Articles You May Like

Asia boosts Prudential profit, demerger making progress
Wall Street’s powerful semiconductor rally shows signs of going bust, economic forecaster warns.
The business of college advisors is booming. Here’s how to navigate the consulting process
Trump’s budget could open this tax-free savings account to people on Medicare
Cramer Remix: This board room shake up makes eBay a buy

Leave a Reply

Your email address will not be published. Required fields are marked *