Medtronic beats The Street with fiscal Q4, 2017 results

Medtronic (NYSE:MDT) posted sales and earnings that topped Wall Street’s estimates for its fiscal 4th quarter and 2017, as its full-year bottom line grew nearly 14% on sales growth of 3%. The world’s largest medical device company reported profits of $1.16 billion, or 84¢ per share, on sales of $7.92 billion for the 3 months ended April 28, amounting to profit growth of 5.3% and sales growth of 4.6% compared with Q4 2016. Adjusted to exclude 1-time items, earnings per share were $1.33, 2¢ ahead of The Street, where analysts were looking for sales of $7.86 billion. Full-year profits were $4.03 billion, or $2.89 per share, on sales of $29.71 billion, for profit growth of 13.8% on sales growth of 3.0% compared with fiscal 2016. Adjusted EPS again beat the consensus forecast by 2¢; analysts were looking for sales of $29.66 billion. “Our 4th-quarter results were a strong finish to the fiscal year, with balanced, diversified growth across our groups and regions,” chairman & CEO Omar Ishrak said in prepared remarks. “Fiscal year 2017 was a solid year overall for Medtronic. We delivered record revenue, made progress in each of our growth strategies, executed on our Covidien cost synergy commitments, generated strong free cash flow growth and deployed our capital in line with our stated priorities, balancing the return of cash to our shareholders together with disciplined reinvestment in our businesses.” Fridley, Minn.-based Medtronic said ...
Source: Mass Device - Category: Medical Devices Authors: Tags: MassDevice Earnings Roundup Wall Street Beat Medtronic Source Type: news