Medtronic Raises Forecast for Adjusted Profit Growth -- Earnings Review
August 21 2018 - 8:37AM
Dow Jones News
By Kimberly Chin
Medical-device maker Medtronic PLC on Tuesday reported financial
results for its fiscal first quarter before the market opened.
Here's what you need to know:
PROFIT: Medtronic earned a profit of $1.08 billion, or 79 cents
a share, up from the $1.02 billion, or 74 cents a share, earned a
year earlier. Excluding items, Medtronic reported an adjusted
profit of $1.17 a share, compared with $1.12 a share last year and
analysts' forecasts of $1.11 a share.
REVENUE: Sales fell 0.1% to $7.38 billion, though it was above
analysts' forecasts of $7.24 billion, according to a Thomson
Reuters poll. U.S. revenue, which represents over half of
Medtronic's total revenue, fell 4.4% to $3.86 billion.
EARNINGS OUTLOOK: The Dublin-based company expects its fiscal
2019 adjusted profit -- which excludes currency fluctuations -- to
rise between 9% and 10% from a year earlier from its prior forecast
of rising between 8% and 9%.
SALES OUTLOOK: Medtronic said it is targeting organic revenue
growth in the range of 4.5% to 5%, up from a range of 4% to 4.5% as
previously guided. However, it warned that sales would be
negatively affected by exchange rates. Medtronic said it could
expect a negative effect of about $420 million to $520 million.
STOCK: Shares of Medtronic rose 4.1% to $93.75 in premarket
trading. Medtronic shares are up more than 11% this year.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
August 21, 2018 08:22 ET (12:22 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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