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Summary Box: Medtronic cuts year outlook after 1Q

Tue, 08/24/2010 - 7:45am
The Associated Press

SOFT MARKET: Medical device maker Medtronic Inc. reported earnings Tuesday inline with analyst estimates. But weakening global demand for implants forced the company to cut full-year guidance.

SALES SLUMP: Revenue fell 4 percent in the first quarter to $3.77 billion, impacted by unfavorable foreign currency and other headwinds.

GUIDANCE CUT: In light of the sales slowdown, Medtronic scaled back its estimated 2011 earnings-per-share guidance to between $3.40 and $3.48 from $3.45 and $3.55.

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