Medtronic (NYSE:MDT) posted second-quarter results today that beat the consensus forecast on Wall Street and reiterated its outlook for the rest of the fiscal year.
The Fridley, Minn.–based company reported profits of $1.4 billion, or $1.01 per share, on sales of $7.7 billion for the three months ended Oct. 25, 2019, for a bottom-line gain of 27.3% on sales growth of 2.7% compared with Q2 2019.
Adjusted to exclude one-time items, earnings per share were $1.31, 3¢ ahead of The Street, where analysts were looking for sales of $7.7 billion.
“We reported another quarter of solid results, reflecting our continued focus on executing to our commitments across Medtronic,” CEO Omar Ishrak said in a news release. “Our broad-based performance this quarter demonstrates the consistency of our execution, the strength of our innovation and the benefit of our business and geographic diversification.”
“The first half of this fiscal year has gone well, as we’ve executed to our commitments and delivered better-than-expected results,” Israk said. “As we look forward, we’re even more excited about what lies ahead, as the investments we’ve made in our pipeline begin to pay off by accelerating our revenue growth and creating value for our shareholders.”
Medtronic reiterated its revenue guidance for the fiscal year 2020 and raised its full-year earnings guidance from $5.54-$5.60 to $5.57-$5.63.
MDT shares, which closed yesterday down -0.72% to $111.25 apiece, were up 2.2% to $113.65 apiece in pre-market trading.