Medtronic Profit And Sales Rise, Beat Expectations

By Tomi Kilgore Markets MarketWatch Pulse

Medtronic PLC reported Thursday a fiscal fourth-quarter net profit of $1.16 billion, or 84 cents a share, compared with $1.10 billion, or 78 cents a share, in the same period a year ago. Excluding non-recurring items, the medical technology company reported adjusted earnings per share of $1.33, beating the FactSet consensus of $1.31. Revenue rose 5% to $7.92 billion from $7.57 billion, above the FactSet consensus of $7.86 billion, as cardiac and vascular group sales increased 4% and minimally invasive therapies sales rose 6%. For fiscal 2018, the company expects revenue growth of 4% to 5% and adjusted EPS growth of 9% to 10%, while the FactSet consensus implied revenue growth of 3.5% and EPS growth of 5%. The stock, which was still inactive in premarket trade, has run up 19% year to date, while the S&P 500 has gained 7.4%.

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