Medtronic Q3 Profit Rises; Reiterates FY16 Adj. EPS Guidance

(RTTNews) - Medtronic plc (MDT) reported third-quarter non-GAAP net income and earnings per share of $1.50 billion and $1.06, an increase of 41 percent and a decrease of 1 percent, respectively, compared to legacy Medtronic non-GAAP net income and EPS in the third quarter of prior year. On average, 22 analysts polled by Thomson Reuters expected the company to report profit per share of $1.06 for the quarter. Analysts' estimates typically exclude special items. For the third-quarter, GAAP net income was $1.095 billion or $0.77 per share compared to $977 million or $0.98 per share, last year.

Net sales were $6.93 billion compared to $4.32 billion, prior year. Analysts expected revenue of $6.99 billion for the quarter.

The company expects revenue growth for the fourth quarter of fiscal year 2016 to be in the range of 5.0 to 5.5 percent on a constant currency basis, which is consistent with its prior outlook of revenue growth in the second half of fiscal year 2016 being in the upper-half of the company's mid-single digit baseline goal on a comparable, constant currency basis.

The company reiterated its non-GAAP earnings per share guidance for fiscal year 2016. The company expects fiscal year 2016 non-GAAP EPS in the range of $4.36 to $4.40, which continues to include an expected $0.45 to $0.50 negative foreign currency impact based on current exchange rates.