Medtronic Raises Adjusted EPS Guidance, Beats 2Q Expectations
November 19 2019 - 7:44AM
Dow Jones News
By Dave Sebastian
Medtronic PLC (MDT) raised its fiscal 2020 adjusted earnings
guidance as it posted higher-than-expected second-quarter
results.
The medical-device company now sees full-year adjusted earnings
of $5.57 a share to $5.63 a share, compared with its previous
guidance of $5.54 a share to $5.60 a share. The range includes a
nine cent negative foreign-exchange impact.
The company reported net income of $1.36 billion, or $1.01 a
share, compared with $1.12 billion, or 82 cents a share, in the
prior year. Analysts polled by FactSet were expecting 95 cents a
share.
On an adjusted basis, earnings were $1.31 a share, compared with
$1.22 a share in the year-ago period. Analysts were looking for
$1.28 a share.
Revenue for the quarter was $7.71 billion, compared with $7.48
billion in the same period last year. Analysts were expecting $7.66
billion.
Medtronic backed its revenue growth guidance of 4% on an organic
basis for the full year, and for the growth to accelerate in the
second half of the year relative to the first. Revenue growth in
fiscal 2020 could be hurt 0.8% to 1.2% if current exchange rates
hold, Medtronic said.
Shares of Medtronic rose 0.67% in premarket trading.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
November 19, 2019 07:29 ET (12:29 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Medtronic (NYSE:MDT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Medtronic (NYSE:MDT)
Historical Stock Chart
From Apr 2023 to Apr 2024
