Medtronic Earnings Fall, Sales Rise
February 21 2017 - 8:18AM
Dow Jones News
By Imani Moise
Medtronic PLC said its earnings fell in the most recent quarter
amid shrinking margins and a tough foreign currency
environment.
Sales in each of the Irish company's reportable business groups
rose during the quarter, but revenue took a $40 million hit from
foreign exchange rates.
In all for the fiscal third quarter Medtronic reported a profit
of $821 million, or 59 cents a share, down from $1.1 billion, or 77
cents, a year earlier. Excluding negative impacts from foreign
currency effects earnings rose to $1.12 from $1.06 cents.
Revenue grew 5% to $7.28 billion.
Analysts polled by Thomson Reuters had forecast earnings of
$1.11 on $7.22 billion in revenue.
Operating margin fell to 15.7% from 19.5%.
The company also backed its 2017 guidance.
Shares, inactive premarket, last closed at $78.88 and have risen
11% so far this year.
Write to Imani Moise at imani.moise@wsj.com
(END) Dow Jones Newswires
February 21, 2017 08:03 ET (13:03 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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