Medtronic reports 3Q loss

Medtronic PLC on Tuesday reported a fiscal third-quarter loss of $1.39 billion, after reporting a profit in the same period a year earlier.

On a per-share basis, the Dublin-based company said it had a loss of $1.03. Earnings, adjusted for pretax expenses and amortization costs, came to $1.17 per share.

The results topped Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $1.16 per share.

The medical device company posted revenue of $7.37 billion in the period, also beating Street forecasts. Eleven analysts surveyed by Zacks expected $7.2 billion.

Medtronic shares have increased 3 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 2 percent. The stock has climbed roughly 6 percent in the last 12 months.


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