Medtronic (NYSE:MDT) reported its fiscal 4th quarter and 2013 results this morning, posting profit declines for both periods on slight sales growth and beating Wall Street’s expectations for earnings per share.
The Fridley, Minn.-based medical device company logged Q4 profits of $969 million, or 95¢ per share, on sales of $4.56 billion during the 3 months ended April 26, for a bottom-line slide of 2.2% on top-line growth of 3.8%.
For the full year Medtronic reported profits of $3.47 billion, or $3.37 per share, on sales of $16.59 billion, representing a profit slide of 4.1% on sales growth of 2.5%.
Adjusted to exclude 1-time items, Q4 earnings per share were $1.10, 7¢ above expectations on The Street. Full-year adjusted EPS were $3.75, 6¢ above Wall Street.
"These 4th-quarter results were a strong finish to a solid fiscal year, and more importantly, represented another step toward our goal of delivering consistent and dependable growth, and I am proud of the performance of our entire global team," chairman & CEO Omar Ishrak said in prepared remarks. "We continue to lead in the global medical technology marketplace, and we are making meaningful progress in globalizing our strategies and operations as well as strengthening our clinical and economic value propositions for our customers and partners."
Medtronic said it expects fiscal 2014 sales growth of 3%-4%, with diluted EPS of $3.80-$3.85 and adjusted EPS growth of 6%-8%.
MDT shares rose 4.7% to $52.25 in pre-market training today as of about 7:50 a.m.