Medtronic Q3 Profit Matches Estimates; Tightens FY14 EPS Guidance - Quick Facts

(RTTNews) - Medtronic, Inc. (MDT) reported that its third-quarter net earnings were $762 million, or $0.75 per share, compared to $988 million or $0.97 per share, prior year. On a non-GAAP basis, earnings were $916 million or $0.91 per share, for the quarter.

On average, 20 analysts polled by Thomson Reuters expected the company to report third-quarter profit per share of $0.91 for the quarter. Analysts' estimates typically exclude special items.

Worldwide third-quarter revenue was $4.16 billion, compared to $4.03 billion, prior year, an increase of 4 percent on a constant currency basis after adjusting for a $41 million negative foreign currency impact or 3 percent as reported. Analysts expected revenue of $4.15 billion for the quarter.

The company reiterated its revenue outlook and tightened its earnings per share guidance for fiscal 2014. In fiscal year 2014, the company continues to expect revenue growth in the range of 3 to 4 percent on a constant currency basis, both for the full fiscal year and fourth quarter. The company now expects fiscal year 2014 earnings per share in the range of $3.81 to $3.83, which implies annual non-GAAP earnings per share growth of approximately 6 percent after adjusting for certain tax benefits the company received in fiscal year 2013, as well as higher levels of interest expense and U.S. medical device excise tax in fiscal year 2014. Analysts expect the company to report fiscal 2014 profit per share of $3.82.