Medtronic Q1 Profit Tops View, Revenue Matches; Maintains FY17 Forecast

(RTTNews) - Medical technology and services company Medtronic plc. (MDT) reported Thursday that its first-quarter net income increased 13 percent to $929 million from last year's $820 million. Earnings per share grew 16 percent to $0.66 from $0.57 last year.

Adjusted earnings were $1.444 billion or $1.03 per share, compared to $1.462 million or $1.02 per share a year ago.

On average, 24 analysts polled by Thomson Reuters expected earnings of $1.01 per share for the quarter. Analysts' estimates typically exclude special items.

The company reported first quarter worldwide revenue of $7.166 billion, a decrease of 1 percent from $7.274 billion last year. Analysts were looking for revenues of $7.17 billion for the quarter.

The prior year had extra selling week. Revenue increased greater than 5 percent on a constant currency, constant weeks basis.

U.S. revenue of $4.002 billion decreased 3 percent, while non-U.S. developed market revenue increased 2 percent. Emerging market revenue was flat.

Looking ahead for fiscal year 2017, the company continues to expect adjusted earnings per share in the range of $4.60 to $4.70, with a growth in the range of 12 to 16 percent on a CCCW basis. Analysts expect earnings of $4.66 per share for the year.

Consistent with the company's long-term, mid-single digit constant currency revenue growth expectation, the company continues to expect fiscal year revenue growth to be in the range of 5 to 6 percent on a CCCW basis.

In pre-market activity on the NYSE, shares are currently trading at $86.30, down 0.40%.