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Medtronic 4Q profit drops on job-cutting expenses

Tue, 05/24/2011 - 3:45am
The Associated Press

Medtronic, the world's largest medical device maker, says its fourth-quarter net income dropped 19 percent on expenses related to its recent layoffs.

The Minneapolis-based company earned $776 million, or 72 cents per share, down from $954 million, or 86 cents per share, a year ago. Excluding $198 million in restructuring and other costs, the company earned 90 cents per share.

Sales rose 2 percent to $4.3 billion from $4.2 billion.

Analysts polled by FactSet expected earnings of 93 cents per share for the quarter on sales of $4.29 billion.

Medtronic has struggled to maintain earnings growth amid sluggish sales of its two leading products: heart defibrillators and spinal implants. In February the company announced 2,000 layoffs to bolster its financial position.

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