Medtronic Inc.'s (MDT: Quote) first-quarter net earnings grew to $864 million, or $0.83 per share, from $821 million, or $0.77 per share a year before. On a non-GAAP basis, quarterly earnings were $883 million or $0.85 per share, while it was $845 million or $0.79 per share in the prior-year quarter. On average, 22 analysts polled by Thomson Reuters expected earnings per share of $0.85 for the quarter. Analysts' estimates typically exclude one-time items.
The company reported three-month net sales of $4.01 billion, an increase from $3.95 billion last year, and up 5 percent on a constant currency basis after adjusting for a $119 million negative foreign currency impact. Analysts estimated revenues of $4.00 billion for the quarter.
Looking ahead, Medtronic reiterated its fiscal 2013 earnings per share guidance range of $3.62 - $3.70, implying annual earnings per share growth of 5 - 7 percent. Analysts project full-year earnings of $3.66 per share.
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by RTT Staff Writer
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