Medtronic (NYSE:MDT) posted fiscal third-quarter results today that topped the consensus forecast on Wall Street, despite taking a $2.2 billion hit from last year’s tax reforms.
The Fridley, Minn.-based medical device titan posted losses of -$1.39 billion, or -$1.03 per share, on sales of $7.37 billion for the three months ended Jan. 26, compared with profits of $821 million on sales growth of 1.2% compared with fiscal Q3 2017.
Adjusted to exclude one-time items, earnings per share were $1.18, a penny ahead of The Street, where analysts were looking for sales of $7.20 billion.
“Our results reflect a solid quarter for Medtronic, and as we expected, a strong turnaround from the first half of our fiscal year,” chairman & CEO Omar Ishrak said in prepared remarks. “We continue to execute on our broad, sustainable growth strategy, driving therapy innovation and global market penetration while delivering enterprise synergies to enable margin improvement.”
Medtronic said it still expects to report adjusted annual EPS growth of 9% to 10%, which works out to $4.763 to $4.807 compared with fiscal 2017, on constant-currency sales growth of 4% to 5%.
“Looking ahead, we are confident in our ability to deliver mid-single digit constant currency revenue growth and strong constant currency EPS leverage, this fiscal year and beyond,” Ishrak said. “We remain keenly focused on executing to deliver dependable results as we continue to leverage our global diversification and scale to fulfill our Mission of alleviating pain, restoring health, and extending life for millions of people around the world.”
MDT shares briefly ticked down -0.1% to $83.25 apiece in pre-market trading today, before rebounding to reach their Feb. 16 closing price of $83.31.
The post Medtronic’s Q3 beats expectations appeared first on MassDevice.
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