Medtronic (NYSE:MDT) posted sales and earnings that topped Wall Street’s estimates for its fiscal 4th quarter and 2017, as its full-year bottom line grew nearly 14% on sales growth of 3%.
The world’s largest medical device company reported profits of $1.16 billion, or 84¢ per share, on sales of $7.92 billion for the 3 months ended April 28, amounting to profit growth of 5.3% and sales growth of 4.6% compared with Q4 2016.
Adjusted to exclude 1-time items, earnings per share were $1.33, 2¢ ahead of The Street, where analysts were looking for sales of $7.86 billion.
Full-year profits were $4.03 billion, or $2.89 per share, on sales of $29.71 billion, for profit growth of 13.8% on sales growth of 3.0% compared with fiscal 2016. Adjusted EPS again beat the consensus forecast by 2¢; analysts were looking for sales of $29.66 billion.
“Our 4th-quarter results were a strong finish to the fiscal year, with balanced, diversified growth across our groups and regions,” chairman & CEO Omar Ishrak said in prepared remarks. “Fiscal year 2017 was a solid year overall for Medtronic. We delivered record revenue, made progress in each of our growth strategies, executed on our Covidien cost synergy commitments, generated strong free cash flow growth and deployed our capital in line with our stated priorities, balancing the return of cash to our shareholders together with disciplined reinvestment in our businesses.”
Fridley, Minn.-based Medtronic said it expects to post adjusted EPS growth of 9% to 10% in fiscal 2018 on sales growth of 4% to 5%, both on a constant-currency basis but not including the impact of the $6 billion sale of its hospital supply business to Cardinal Health (NYSE:CAH). That deal is slated to close during Medtronic’s fiscal 2nd quarter, the company said.
“We are creating distinct competitive advantages and capitalizing on the long-term trends in healthcare: namely, the desire to improve clinical outcomes; the growing demand for expanded access to care; and the optimization of cost and efficiency within healthcare systems. These trends, along with an aging population in most countries, produce secular growth tailwinds that we believe represent sustainable, long-term opportunities for Medtronic,” Ishrak said. “As we look forward, we have a number of catalysts that make us optimistic about our ability to deliver on our commitments and expand patient access around the world to our products and services. Our leadership team and employees continue to focus on driving excellence and impact in all that we do, and we look forward to the fiscal year ahead.”
MDT shares closed up 0.1% yesterday at $84.70 apiece and gained another 4¢ in after-hours trading.
The post Medtronic beats The Street with Q4, 2016 results appeared first on MassDevice.
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