Medtronic Q2 Results Top Estimates; Reiterates FY14 Outlook - Quick Facts

(RTTNews) - Medical device maker Medtronic, Inc. (MDT) reported that its second quarter net earnings were $902 million or $0.89 per share, up from $646 million or $0.63 per share in the prior year quarter.

On a non-GAAP basis, net earnings for the quarter increased to $919 million or $0.91 per share from last year's $902 million or $0.88 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $0.90 per share for the quarter. Analysts' estimates typically exclude special items.

Worldwide revenue was $4.194 billion, compared to $4.095 billion in the second quarter of fiscal year 2013, an increase of 3.3 percent on a constant currency basis after adjusting for a $38 million negative foreign currency impact or 2.4 percent as reported. Eighteen analysts estimated revenues of $ 4.18 billion for the quarter.

The company reiterated its revenue outlook and earnings per share guidance for fiscal year 2014. In fiscal year 2014, the company continues to expect full-year revenue growth in the range of 3 to 4 percent on a constant currency basis, and earnings per share in the range of $3.80 to $3.85, which implies annual diluted non-GAAP earnings per share growth in the range of 6 to 8 percent after adjusting for certain items. Street currently is looking for fiscal year 2014 earnings of $3.83 per share on annual revenues of $16.96 billion.