Medtronic 4Q Sales Edge Lower on Supply Chain Issues
May 26 2022 - 07:42AM
Dow Jones News
By Dean Seal
Medtronic PLC posted a 1% drop in revenue and earnings that were
just below Wall Street expectations for its fourth quarter amid
continuing global supply-chain disruptions and Covid-19 lockdowns
in China.
The medical-technology and services company reported net income
attributable to the company of $1.5 billion, or $1.10 a share, for
the quarter ended April 29, compared with $1.4 billion, or $1 a
share, in the same period a year ago.
Stripping out one-time items, adjusted earnings were $1.52.
Analysts polled by FactSet had been expecting $1.56 a share.
Sales for the quarter fell to $8.1 billion from $8.2 billion
last year, below analyst expectations of $8.4 billion, according to
FactSet.
The fourth-quarter results were acutely affected by "global
supply chain and Covid-19 controls in China" that the company is
working to resolve in the near term, Chief Executive Geoff Martha
said.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
May 26, 2022 07:27 ET (11:27 GMT)
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