Medtronic Earnings Jump on Sales Recovery
May 27 2021 - 7:26AM
Dow Jones News
By Matt Grossman
Medtronic PLC Thursday posted 37% sales growth in its fiscal
fourth quarter as its end markets recovered from the effects of the
pandemic, driving a doubling in the company's per-share
earnings.
The Ireland-based medical-technology company posted earnings of
$1 a share, an improvement from 48 cents a share in the same
three-month period a year earlier. Net income attributed to the
company rose to $1.36 billion, from $646 million in the year-ago
quarter.
Adjusted for one-time items and currency factors, Medtronic's
profit was $1.50 a share. Analysts polled by FactSet had forecast
adjusted earnings of $1.42 a share.
Sales were $8.19 billion, a rise from $6 billion in the year-ago
period. Analysts were estimating sales of $8.14 billion.
Revenue rose by double-percentages across the company's
portfolio, including a 45% improvement in cardiovascular sales, a
21% increase in medical-surgical sales and a 54% rise in
neuroscience sales. Diabetes sales were up by 14%.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
May 27, 2021 07:19 ET (11:19 GMT)
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