Medtronic Stock Jumps on Q1 Earnings Results

MDT beat EPS and revenue estimates for Q1

Medtronic (NYSE:MDT) stock was up on Tuesday following the release of its earnings report for its fiscal first quarter of 2019.

Medtronic Stock Jumps on Q1 Earnings Results
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Medtronic reported earnings per share of $1.17 for its fiscal first quarter of the year. This is better than the company’s earnings per share of $1.12 that was reported in the same period of the year prior. It was also good news for MDT stock by coming in above Wall Street’s earnings per share estimate of $1.11 for the quarter.

Medtronic also reported net income of $1.08 billion for its fiscal first quarter of 2019. This is an increase over the company’s net income of $1.01 billion that was reported in its fiscal first quarter of 2018.

Operating income reported by Medtronic for its fiscal first quarter of the year was $1.24 billion. The medical device company’s operating income reported during the same time last year was $1.38 billion.

Medtronic’s earnings report for its fiscal first quarter of 2019 also includes revenue of $7.38 billion. This is down slightly from the company’s revenue of $7.39 billion that was reported in its fiscal first quarter of the previous year. It was also a boon to MDT stock by beating out analysts’ revenue estimate of $7.24 billion for the period.

Medtronic also notes that it is increasing its organic revenue growth guidance for fiscal 2019. The company now expects organic revenue growth of 4.5% to 5.0% for the fiscal year. The company’s prior organic revenue growth guidance for the period was between 4.0% and 4.5%.

MDT stock was up 4% as of Tuesday morning and is up 9% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2018/08/medtronic-stock-jumps-on-earnings-beat/.

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