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Medtronic Raises FY19 Organic Revenue Outlook - Quick Facts

Medtronic plc (MDT) on Tuesday reported second-quarter net income of $1.12 billion or $0.82 per share.

Adjusted earnings per share for the quarter increased 14 percent from the year-ago period to $1.22. Adjusting for a positive $0.01 impact from foreign currency, adjusted earnings per share increased 13 percent.

Worldwide revenue for the quarter rose 6.1 percent to $7.48 billion. On an organic basis, which adjusts for a $95 million negative impact from foreign currency, revenue increased 7.5 percent.

On average, analyst polled by Thomson Reuters expected the company to report earnings of $1.15 per share for the quarter on revenues of $7.35 billion. Analysts' estimates typically exclude special items.

Looking ahead to fiscal year 2019, Medtronic maintained its outlook for adjusted earnings in a range of $5.10 to $5.15 per share. The company noted that if recent exchange rates hold for the remainder of the fiscal year, foreign exchange would have a neutral impact on the company's fiscal year 2019 earnings per share, implying a constant currency earnings per share growth forecast of 9 to 10 percent

The company raised its forecast for full-year organic revenue growth from a range of 4.5 to 5.0 percent to a range of 5.0 to 5.5 percent. If recent exchange rates hold for the remainder of the fiscal year, the company's fiscal year 2019 revenue would be negatively affected by approximately $420 million to $520 million.

The Street expects earnings of $5.12 per share for the year on revenues of $30.46 billion.

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