Medtronic Fiscal 1Q Profit Tops Expectations

Medtronic Inc on Tuesday reported first-quarter earnings that exceeded analyst expectations on stronger U.S. sales of its medical devices.

Excluding one-time items, Medtronic earned 93 a share in the quarter ended July 25. Revenue rose 4 percent to $4.27 billion.

Analysts, on average, expected earnings of 92 cents a share on revenue of $4.25 billion, according to Thomson Reuters I/B/E/S.

Net earnings fell to $871 million, or 87 cents a share, from $953 million, or 93 cents a share, a year earlier.