Medtronic (MDT) Beats On Q3 Earnings, Reiterates FY18 View
Zacks Investment Research | Feb 19, 2018 10:07PM ET
Medtronic plc (NYSE:MDT) reported third-quarter fiscal 2018 adjusted earnings per share (EPS) of $1.17, beating the Zacks Consensus Estimate by a penny. Earnings rose 4.5% year over year.
Adjustments in the quarter primarily included the impact of restructuring charges, intangible asset amortization, divestiture-related items and acquisition-related items. After adjusting for unfavorable foreign exchange impact of a penny, adjusted EPS was $1.18.
Without these adjustments, the company’s reported a net loss of $1.03 per share, compared to 59 cents in the previous year. This included a $2.2-billion net tax expense related to the U.S. tax reform.
Total Revenues
Worldwide revenues in the reported quarter grossed $7.37 billion, up 7% on a constant exchange rate or CER basis (up 1.2% on a reported basis). The top line surpassed the Zacks Consensus Estimate of $7.20 billion. Foreign currency fluctuation favorably impacted Medtronic’s third-quarter revenues by $177 million.
In the quarter under review, U.S. sales (53.1% of total revenues) fell 4.9% year over year (up 6% at CER) to $3.91 billion. Non-U.S. developed market revenues totaled $2.36 billion (32% of total revenues), reflecting a 5% increase at CER (up 7.8% as reported). Emerging market revenues (14.9% of total revenues) amounted to $1.10 billion, up 12% at CER (up 11.8% as reported).
Medtronic plc Price, Consensus and EPS Surprise
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