Medtronic (NYSE:MDT) earnings for the maker of medical devices’ fiscal first quarter of 2021 have MDT stock on the rise Tuesday. That’s due to its adjusted earnings per share of 62 cents coming in above Wall Street’s estimate of 18 cents. Its revenue of $6.51 billion also beats out analysts’ estimate of $5.44 billion.
Here’s what else is worth mentioning from the most recent Medtronic earnings report.
- Adjusted per-share earnings are down 51% from $1.26 from the same period of the year prior.
- Revenue for the quarter is sitting 13% lower than the $7.49 billion reported in the fiscal first quarter of 2020.
- Operating income of $673 million is a 54.8% decline year-over-year from $1.49 billion.
- The Medtronic earnings report also has net income coming in at $487 million.
- That’s a 43.6% decrease compared to the company’s net income of $864 million reported during the same time last year.
Geoff Martha, CEO of Medtronic, said the following in the earnings report.
“We reported solid improvement from last quarter, and our results reflect a faster than expected recovery from the depths of the pandemic we saw back in April. Procedure volumes began to recover around the world, and we’re leveraging our pipeline of innovative products to drive share gains in a number of key businesses.”
Medtronic doesn’t include guidance in its current earnings report. That’s due to the unpredictability of markets during the novel coronavirus pandemic. Many other companies are also withholding guidance at this time.
MDT stock was up 2.7% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.