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Medtronic tops estimates for fiscal fourth quarter

Ciara Linnane

Medtronic Plc. said Thursday it had net income of $1.172 billion, or 87 cents a share, in its fiscal fourth quarter to April 26, down from $1.460 billion, or $1.07 a share, in the year-earlier period. Adjusted per-share earnings came to $1.54, ahead of the $1.46 FactSet consensus. Sales were little changed at $8.146 billion compared with $8.144 billion a year ago, also ahead of the $8.108 billion FactSet consensus. U.S. revenue of $4.284 billion accounted for 52% of overall revenue and was up 2.3%. The company said it now expects fiscal 2020 adjusted EPS of $5.44 to $5.50, which compares with a current FactSet consensus of $5.44. "We expect our revenue growth to accelerate over the course of fiscal year 2020 and into fiscal year 2021, driven by the anniversary of recent headwinds, combined with a series of major product launches over the next 12 months," Chief Executive Omar Ishrak said in a statement. Shares rose 1.4% premarket, and are up 4.1% in the last 12 months, while the S&P 500 has gained 4.5%.