Medtronic, Inc. (MDT: Quote) posted fourth-quarter net earnings of $991 million or $0.94 per share, higher than last year's $776 million or $0.72 per share.
Adjusted earnings per share for the quarter rose to $0.99 from $0.90 a year earlier. On average, 24 analysts polled by Thomson Reuters expected the company to report earnings of $0.98 per share. Analysts' estimates typically exclude special items.
Net sales grew to $4.3 billion from $4.17 billion in the prior-year quarter. Analysts expected revenues of $4.23 billion.
"I am pleased with our improved revenue growth this quarter in a dynamic healthcare environment," said Omar Ishrak, Medtronic chairman and chief executive officer. "Our growth was broad-based across our businesses and geographies, including strong U.S. launches of the Resolute Integrity drug-eluting stent and RestoreSensor spinal cord stimulator and strong growth in emerging markets. As we continue to focus on innovation, globalization, and execution, I see many opportunities for improved growth."
The company provided its initial revenue outlook and earnings per share guidance for fiscal year 2013.
Medtronic expects fiscal 2013 revenue growth in the range of 2 to 4 percent on a constant currency basis. The company projects fiscal year 2013 earnings per share in the range of $3.62 to $3.70, which implies EPS growth of 5 to 7 percent. Analysts expect earnings per share of $3.66.
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by RTT Staff Writer
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