Medtronic beats 2Q profit forecasts

Markets Associated Press

  • FILE - This file image provided by Medtronic shows the Medtronic Micra pacemaker, right, next to a conventional pacemaker. Medtronic plc reports earnings Tuesday, Nov. 22, 2016. (Medtronic via AP, File)

    FILE - This file image provided by Medtronic shows the Medtronic Micra pacemaker, right, next to a conventional pacemaker. Medtronic plc reports earnings Tuesday, Nov. 22, 2016. (Medtronic via AP, File) (The Associated Press)

  • FILE - This file image provided by Medtronic shows the Medtronic Micra pacemaker, right, next to a conventional pacemaker. Medtronic plc reports earnings Tuesday, Nov. 22, 2016. (Medtronic via AP, File)

    FILE - This file image provided by Medtronic shows the Medtronic Micra pacemaker, right, next to a conventional pacemaker. Medtronic plc reports earnings Tuesday, Nov. 22, 2016. (Medtronic via AP, File) (The Associated Press)

Medtronic PLC (MDT) on Tuesday reported fiscal second-quarter net income of $1.12 billion.

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On a per-share basis, the Dublin-based company said it had profit of 80 cents. Earnings, adjusted for amortization costs and restructuring costs, came to $1.12 per share.

The results topped Wall Street expectations. The average estimate of 18 analysts surveyed by Zacks Investment Research was for earnings of $1.11 per share.

The medical device company posted revenue of $7.35 billion in the period, which missed Street forecasts. Seventeen analysts surveyed by Zacks expected $7.46 billion.

Medtronic expects full-year earnings in the range of $4.55 to $4.60 per share.

Medtronic shares have increased roughly 5 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 7.5 percent. The stock has risen slightly more than 6 percent in the last 12 months.

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

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Keywords: Medtronic, Earnings Report