Medtronic Q1 Earnings Beat Estimates, Reaffirms Annual Outlook - Quick Facts

(RTTNews) - Medical devices maker Medtronic, Inc. (MDT) Tuesday reported first-quarter earnings which declined, as higher costs eclipsed sales growth. Nevertheless, both earnings and sales topped analysts' estimates. The company also reiterated its full-year guidance.

For the three months to July, net earnings were $871 million or $0.87 per share, down from $953 million or $0.93 per share a year earlier.

Excluding certain items, earnings totaled $934 million or $0.93 per share, compared with $898 million or $0.88 per share a year ago.

On average, nineteen analysts polled by Thomson-Reuters estimated the company's earnings to be $0.92 for the quarter. Analysts' estimates typically exclude one-time items.0.88

Quarterly net sales rose to $4.27 billion, from $4.08 billion last year, above the $4.25 billion Wall Street expected.

U.S. revenues increased by 6 percent to $2.33 billion, and international revenues edged up 2 percent to $1.94 billion a year earlier. Emerging market revenues grew by 9 percent to $539 million from $495 million a year ago.

The company still expects adjusted annual earnings of $4.00 to $4.10 per share on revenue growth of 3 to 5 percent at constant currency.