Medtronic posts 1Q profit, results top Wall Street estimates

IndustriesAssociated Press

Medtronic Inc. (MDT) on Thursday reported fiscal first-quarter profit of $820 million.

The Dublin-based company said it had net income of 57 cents per share. Earnings, adjusted for amortization costs and non-recurring costs, came to $1.02 per share.

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The results surpassed Wall Street expectations. The average estimate of 16 analysts surveyed by Zacks Investment Research was for earnings of $1.01 per share.

The medical device company posted revenue of $7.27 billion in the period, also topping Street forecasts. Fourteen analysts surveyed by Zacks expected $7.03 billion.

Medtronic expects full-year earnings in the range of $4.30 to $4.40 per share.

Medtronic shares have dropped roughly 1 percent since the beginning of the year, while the Standard & Poor's 500 index has dropped slightly more than 5 percent. The stock has risen 12 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 http://www.zacks.com/ap/MDT

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Keywords: Medtronic, Earnings Report