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Medtronic (MDT) Q3 Earnings Tops, Revenues Miss Estimates

Zacks Equity Research

Are you a medical practitioner? Yes, then you must be aware of Minnesota-based one of the world’s leading medical technology giant Medtronic plc MDT  which has a global reach that extends to roughly 160 countries.

Currently, Medtronic has a Zacks Rank #3 (Hold) but that could change following its third-quarter fiscal 2018 earnings report which has just released. (You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here). We have highlighted some of the key details from the just-released announcement below:

Earnings: The current Zacks Consensus Estimate stands at $1.24 per share. Medtronic’s adjusted earnings per share of $1.29 exceeded this estimate by 4%.

Revenues: Medtronic posted revenues of $7.55 billion, missing the Zacks Consensus Estimate for revenues of $7.56 billion.

Medtronic PLC Price and EPS Surprise

Medtronic PLC Price and EPS Surprise | Medtronic PLC Quote

 

Key Stats: Revenues from Medtronic’s Cardiac and Vascular Group rose 1.6% at constant exchange rate (CER) to $2.79 billion, revenues from Minimally Invasive Therapies Group increased 6.6% at CER to $2.12 billion. Also, revenues from Restorative Therapies Group rose 5.5% at CER to $2.03 billion, while revenues from Diabetes Group rose 6.5% at CER to $610 million.

Major Factors: Per management, third quarter performance was encouraging. Moreover,  strength in the Minimally Invasive Therapies and Restorative Therapies Groups along with solid performance across emerging markets aided in offsetting several market-specific headwinds faced by the company during the reported quarter.

Stock Price: Following the earnings release, share prices rose by a 0.47% in the pre-market trading session till now.

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