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Medtronic meets The Street despite 25% earnings slide, raises sales outlook

Tue, 11/20/2012 - 9:26am
Mass Device

Medtronic's fiscal 2nd-quarter results meet Wall Street's expectations despite a more than 25% decline in profits.

Medtronic

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.

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