Medtronic's U.S. Revenue Drops -- Earnings Review
February 20 2018 - 7:44AM
Dow Jones News
By Cara Lombardo
Medtronic PLC (MDT) reported its third-quarter earnings Tuesday.
Here's what you need to know:
EARNINGS: The medical-equipment company reported a net loss of
$1.4 billion, or $1.03 a share, due to impacts from the U.S. tax
law overhaul. On an adjusted basis, the company earned $1.17 a
share, which is what analysts polled by Thomson Reuters had
expected.
REVENUE: Revenue increased 1% to $7.4 billion, more than the
$7.2 billion analysts had expected. Revenue in the U.S. decreased
5%, while revenue in emerging and developed markets outside of the
U.S. increased 15% and 7%, respectively. When excluding the impact
of currency swings and divestitures, total revenue increased
7%.
TAX CHARGE: The Minnesota-based company's quarterly results
included a $2.2 billion charge related to the tax overhaul,
primarily related to the transition tax.
GUIDANCE: The company expects comparable, constant currency
revenue to increase by 4% to 5% in its 2018 fiscal year.
Write to Cara Lombardo at cara.lombardo@wsj.com
(END) Dow Jones Newswires
February 20, 2018 07:29 ET (12:29 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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