Medtronic shares come under pressure as investors react to mixed fiscal 1st-quarter results, with earnings in line with expectations but sales missing their target.
Fridley, Minn.-based Medtronic posted profits of $953 million, or 93¢ per share, on sales of $4.08 billion for the 3 months ended July 26. That's a 10.3% top-line gain on 1.9% sales growth.
Adjusted to exclude 1-time items, earnings per share were 88¢, dead even with expectations on Wall Street, but analysts were looking for more top-line growth. Consensus sales estimates were for $4.11 billion, prompting MDT shares to dip nearly 3% this morning on The Street.