Medtronic tops 1Q profit forecasts on lower costs

Aug 25, 2016

Medtronic reports boost in 1Q profit, topping forecasts, on lower costs

DUBLIN — Medtronic's campaign to lower costs pumped up its profits during the first-quarter.

The medical device company's profit rose a 13 percent to $929 million, or 66 cents per share. Earnings, adjusted for one-time gains and costs, came to $1.03 per share.

The results beat Wall Street expectations by 2 cents, according to a poll by Zacks Investment Research.

Revenue fell 1 percent to $7.17 billion, in line with analyst expectations.

Revenue from the cardiac and vascular unit, which includes implantable heart devices and valves, fell 2 percent to $2.52 billion. Revenue from minimally invasive therapies, which includes patient monitoring and surgical devices, fell 1 percent to $2.42 billion. The company's restorative therapies unit saw revenue fall 2 percent to $1.77 billion, while the diabetes care unit saw revenue rise 2 percent to $452 million.

Medtronic expects full-year earnings in the range of $4.60 to $4.70 per share.

Shares of Medtronic Inc. have climbed 13 percent since the beginning of the year, while the Standard & Poor's 500 index has increased slightly more than 6 percent. The stock has increased 22 percent in the last 12 months.

_____

Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MDT at http://www.zacks.com/ap/MDT

_____

Keywords: Medtronic, Earnings Report

More News
About Us

The Final Scoreboard has fast, accurate live scores for you. We provide premium online content from in-depth analysis to the scores and statistics across American and European Sports.

Copyright © 2015 - 2020 The Final Score Board. All Rights Reserved.