Medtronic Q2 Results Meet View, Raises Full Year Revenue Outlook - Quick Facts

(RTTNews) - Medical equipment maker Medtronic Inc. (MDT) Tuesday said second-quarter net earnings were $828 million, or $0.83 per share, compared to $902 million or $0.89 per share reported last year.

The company attributed the earnings drop to a $100 million pre-tax charitable cash donation made to the Medtronic Foundation.

Excluding this donation, as well as acquisition-related items for the pending acquisition of Covidien, net earnings were $952 million or $0.96 per share, while it totaled $0.91 per share last year. On average, 20 analysts polled by Thomson Reuters expected earnings of $0.96 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue improved to $4.366 billion from $4.194 billion in the prior year. Analysts expected revenues of $4.37 billion.

Further, Medtronic updated its revenue growth outlook and reiterated its adjusted earnings per share guidance for fiscal year 2015.

In fiscal year 2015, the company now expects revenue growth in the range of 4 to 5 percent on a constant currency basis, which is at the upper end of the company's previously stated range of 3 to 5 percent.

The company continues to expect adjusted earnings per share in the range of $4.00 to $4.10, which implies annual growth in the range of 7 to 10 percent after adjusting for the expected impact from foreign currency. Wall Street looks for earnings of $4.05 per share for the year.