Medtronic fiscal 1st-quarter profit falls almost 9 percent, beats estimate

MarketsAssociated Press

Medtronic Inc. on Tuesday reported net income that declined by nearly 9 percent in its fiscal first quarter, and beat analysts' expectations.

The Minneapolis-based company said earnings decreased to $871 million, or 87 cents per share, from $953 million, or 93 cents per share, in the same quarter a year ago.

Continue Reading Below

Earnings, adjusted for costs related to mergers and acquisitions and restructuring costs, were 93 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 92 cents per share.

The medical device company said revenue climbed nearly 5 percent to $4.27 billion from $4.08 billion in the same quarter a year ago, and beat Wall Street forecasts. Analysts expected $4.25 billion, according to Zacks.

Medtronic shares fell 4 cents to $63.43 in morning trading.