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

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.

Medtronic

UPDATED Nov. 20, 9:30 a.m. with details on business segment results.

Medtronic [1] (NYSE:MDT [2]) 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.

Content Item Type: 
News [3]
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http://www.mdtmag.com/news/2012/11/medtronic-meets-street-despite-25-earnings-slide-raises-sales-outlook
Summary: 
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%. News Well, 2012, MassDevice Earnings Roundup, Q3read more
Contributed Author: 
Mass Device
Legacy NID: 
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Links
[1] http://www.massdevice.com/company/medtronic
[2] http://www.google.com/finance?q=mdt
[3] https://www.mdtmag.com/content-item-types/news