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ResMed tops 3Q profit forecasts

SAN DIEGO (AP) _ ResMed Inc. (RMD) on Thursday reported fiscal third-quarter profit of $87.8 million.

The San Diego-based company said it had profit of 62 cents per share. Earnings, adjusted for amortization costs and restructuring costs, were 71 cents per share.

The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 70 cents per share.

The maker of medical products for respiratory disorders posted revenue of $514.2 million in the period, missing Street forecasts. Four analysts surveyed by Zacks expected $519.7 million.

ResMed shares have increased 17 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $72.85, an increase of 29 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RMD at https://www.zacks.com/ap/RMD

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Keywords: ResMed, Earnings Report