Medtronic stock gains after profit and sales beats, outlook for earnings nudged up

2 months ago 22
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Shares of Medtronic PLC MDT, -1.09% tacked on 0.6% in premarket trading Tuesday, after the medical device maker reported fiscal first-quarter profit and sales that beat expectations, and nudged up its full-year earnings outlook, citing a strong recovery from the impact of the COVID-19 pandemic on elective procedures. Net income for the quarter to July 30 rose to $763 million, or 56 cents a share, from $487 million, or 36 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $1.41, above the FactSet consensus of $1.32. Sales grew 22.7% to $7.99 billion, beating the FactSet consensus of $7.87 billion, as cardiovascular, medical surgical and neuroscience segments topped revenue expectations but diabetes came up a bit short. For fiscal 2022, the company lifted its adjusted EPS guidance range to $5.65 to $5.75 from $5.60 to $5.75. The stock has gained 9.7% year to date through Monday, while the S&P 500 SPX, +0.85% has rallied 19.3%.

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