DOW JONES NEWSWIRES Medtronic Inc.'s (MDT) fiscal third-quarter earnings rose 1.2%, with the medical-device maker benefiting from fewer charges and the impact of divesting its Physio-Control business. For the year, the company narrowed its per-share earnings estimate to $3.44 to $3.47, from $3.43 to $3.50. The company continues to tackle a weak market for products in two key markets: heart-rhythm and spinal devices. In the latest quarter, revenue from implantable cardioverter defibrillators fell 9% due to a lower number of domestic procedures. Sales at its spinal segment were down 9%. For the quarter ended Jan. 27, Medtronic reported a profit of $935 million, or 88 cents a share, up from $924 million, or 86 cents a share, a year earlier. Excluding charges related to litigation, acquisitions and divestitures and other items, earnings were down at 84 cents from 86 cents. Revenue increased 1.6% to $3.92 billion, with currency fluctuations contributing roughly half the growth. Analysts polled by Thomson Reuters most recently projected earnings of 84 cents on revenue of $3.98 billion. Gross margin was flat at 3.9%. Shares closed Friday at $39.94 and were inactive premarket. Markets were closed Monday for a holiday. The stock is down roughly 3.2% in the past year. -By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com
