Medtronic shares rise on FY2019 Q3 earnings beat

Shares in Medtronic (NYSE:MDT) are up today after the medical device giant posted third quarter fiscal year 2019 earnings that beat expectations on Wall Street. The Fridley, Minn.-based company posted profits of approximately $1.27 billion, or 94¢ per share, on sales of approximately $7.55 billion for the three months ended January 25, seeing a swing from red ink on the bottom line while sales grew 2.4% compared with the same period during the previous fiscal year. After adjusting to exclude one-time items, earnings per share were $1.27, just ahead of the $1.24 consensus on Wall Street where analysts expected to see sales of $7.52 billion, which the company also topped. “Our organization executed on multiple fronts to deliver a strong quarter for Medtronic. Revenue outperformance in our minimally invasive Therapies and restorative therapies groups, as well as broad strength across emerging markets, helped to offset certain market-specific headwinds we faced during the quarter, reflecting the full benefits of our diversification,” CEO Omar Ishrak said in a press release. Medtronic updated its guidance for its coming fourth quarter and full fiscal year 2019, saying it now expects to see revenue growth of between 5.25% and 5.5%, narrowed from previous guidance of between 5.0% and 5.5%. The company increased its fiscal year 2019 diluted non-GAAP EPS guidance to between $5.14 and $5.16, up from earlier guidance of between $5.10 and $5.15. Medtronic also lifted its fr...
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News Featured MassDevice Earnings Roundup Wall Street Beat Medtronic Source Type: news