Shares of
Medtronic
were trading higher after the medical-device maker easily beat quarterly estimates and raised its financial forecast.
Medtronic
stock rose 1.4% to $85.62 on Tuesday.
For its fiscal third quarter ended Jan. 26, Medtronic reported adjusted per-share earnings of $1.30, beating Wall Street’s call for $1.26, according to FactSet. Revenue of $8.1 billion also topped estimates of $7.95 billion.
“We continue to deliver durable revenue growth, with particular strength in multiple businesses, as well as in international markets as we expand access to our innovative healthcare technologies around the globe,” said Chief Executive Officer Geoff Martha in a statement.
For fiscal 2024, the company now expects revenue growth to range between 4.75% and 5%, up from a prior call of 4.75%. It also lifted its adjusted per-share earnings guidance to a range of $5.19 to $5.21 from an earlier call of $5.13 to $5.19. Analysts had penciled in $5.16.
Write to Emily Dattilo at [email protected]
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