Dow Jones Stock Market Today – Medtronic Earnings Jump on Sales Recovery
By Matt Grossman
Medtronic PLC Thursday posted 37% sales growth in its fiscal fourth quarter as its end markets recovered from the effects of the pandemic, driving a doubling in the company’s per-share earnings.
The Ireland-based medical-technology company posted earnings of $1 a share, an improvement from 48 cents a share in the same three-month period a year earlier. Net income attributed to the company rose to $1.36 billion, from $646 million in the year-ago quarter.
Adjusted for one-time items and currency factors, Medtronic’s profit was $1.50 a share. Analysts polled by FactSet had forecast adjusted earnings of $1.42 a share.
Sales were $8.19 billion, a rise from $6 billion in the year-ago period. Analysts were estimating sales of $8.14 billion.
Revenue rose by double-percentages across the company’s portfolio, including a 45% improvement in cardiovascular sales, a 21% increase in medical-surgical sales and a 54% rise in neuroscience sales. Diabetes sales were up by 14%.
Write to Matt Grossman at [email protected] Zoom.com
(END) Dow Jones Newswires
May 27, 2021 07:19 ET (11:19 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Market news on Fintech Zoom.