Medtronic Meets Earnings

This morning, Medtronic ($MDT) reported fiscal Q2 earnings of 96 cents per share. That’s a decent number. The company hit the consensus forecast right on the head. Medtronic earned 91 cents per share in last year’s Q3.

More importantly, the company said that the Covidien ($COV) deal is still on track. The company hopes to close out the deal early next year. Medtronic will reincorporate in Ireland and the new name will be Medtronic PLC.

Quarterly sales came in at $4.37 billion which was a shade more than the consensus of $4.36 billion. The medical devices company reiterated its full-year earnings outlook of $4.00 to $4.10 per share. The company has already earned $1.89 per share for the first half of its fiscal year which ends in April.

“Our second quarter performance was strong and well balanced across our businesses and geographies,” said Omar Ishrak, Medtronic chairman and chief executive officer. “Revenue growth was at the upper end of our full-year revenue outlook and within our mid-single digit baseline goal, reflecting the strong execution of our global organization.”

The shares have popped a little bit today. Shares of MDT have been as high as $72.26 this morning which is a gain of 4.4%.

Posted by on November 18th, 2014 at 10:15 am


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