Medtronic, Inc. (MDT) Tuesday reported a decline in profit for the second quarter, hurt mainly by higher expenses. However, both adjusted earnings and revenues came in line with analysts' expectations.
Net income for the quarter declined to $646 million or $0.63 per share from $871 million or $0.82 per share in the same period last year.
Earnings from continuing operations totaled $646 million or $0.63 per share, compared to $864 million or $0.81 per share last year.
Second-quarter earnings included a one-time, non-cash charge of $245 million related to certain litigation. Adjusted earnings were $902 million or $0.88 per share.
On average, 24 analysts polled by Thomson Reuters expected the company to earn $0.88 per share for the quarter. Analysts' estimates typically exclude special items.
On a constant currency basis, revenues totaled $4.1 billion, up 5 percent from $4.0 billion last year. Analysts expected revenues of $4.05 billion.
Costs and expenses increased to $3.2 billion from $3.0 billion last year.
Looking ahead to the fiscal year 2013, the company continues to expect earnings in the range of $3.62 to $3.70 per share. The company has also forecast a revenue growth in the range of 3 to 4 percent. Analysts currently expect the company to report full-year earnings of $3.66 per share on revenues of $16.44 billion.
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