Medtronic Posts Higher Quarterly Earnings

Medical device maker Medtronic Inc reported higher quarterly earnings on Tuesday as sales in most of its businesses improved.

Earnings were $871 million, or 82 cents per share, in the second quarter ended October 28, compared with $566 million, or 52 cents per share, a year earlier.

Excluding items, earnings were 84 cents a share, 2 cents above the analysts' average estimate, according to Thomson Reuters I/B/E/S.

Revenue rose to $4.13 billion from $3.90 billion a year ago, even as sales of implantable heart defibrillators and spine biologics remained weak, as expected.

For the second half, the company maintained its revenue forecast calling for growth from continuing operations of 1 percent to 3 percent.

For the full fiscal year, it reiterated its previous growth forecast of earnings per share growth, excluding items, to be between 6 percent and 9 percent.

Its shares were up 1.4 percent at $33.75 in thin premarket trading.