Medtronic meets The Street despite 25% earnings slide, raises sales outlook
Medtronic's fiscal 2nd-quarter results meet Wall Street's expectations despite a more than 25% decline in profits.
UPDATED Nov. 20, 9:30 a.m. with details on business segment results.
Medtronic (NYSE:MDT) managed to meet Wall Street's profit expectations despite a $245 million charge to cover "certain litigation" in its structural heart business that pushed earnings down more than 25%.
The Fridley, Minn.-based medical device company posted profits of $646 million, or 63¢ per share, on sales of $4.10 billion during the 3 months ended Oct. 26, representing a 25.8% profit slide on sales growth of 1.8%.
Excluding the 1-time charge, adjusted earnings per share reached 88¢, as expected by the boffins on The Street.