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Early Tuesday, Medtronic (MDT) reported adjusted earnings of $1.20 per share on $7.7 billion in fiscal first-quarter sales. In response, MDT stock inched higher.
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On average, analysts polled by FactSet expected Medtronic to earn $1.11 a share and report $7.57 billion in sales. Edward Jones analyst John Boylan says investors were expecting a solid quarter. But they might now appreciate the positive internal changes, “giving us confidence in our long-term view.”
In the year-earlier period, Medtronic earnings were $1.13 a share. The medical devices company also reported $7.37 billion in sales.
Medtronic also raised its outlook for the year. The company now expects to earn an adjusted $5.08 to $5.16 per share, up 7 cents at the midpoint from its prior estimate. Further, Medtronic calls for 4.5% organic sales growth. Previously, the company saw 4% to 4.5% growth.
MDT stock analysts had called for earnings of $5.05 per share and $32.17 billion in sales.
In premarket trading on today’s stock market, MDT stock rose 0.8% near 82.20.
More to follow.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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