logo
Plus   Neg
Share
Email

Medtronic Boosts FY20 Adj. Earnings Outlook - Quick Facts

While reporting financial results for the second quarter on Tuesday, Medtronic plc. (MDT) raised its adjusted earnings guidance for the full-year 2020, while maintaining organic revenue growth outlook.

For fiscal 2020, the company increased its adjusted earnings guidance to a new range of $5.57 to $5.63 per share from the prior range of $5.54 to $5.60 per share. This includes an estimated 9 cent negative impact from foreign exchange based on current rates.

However, the company continues to project organic revenue growth of about 4 percent. At current exchange rates, revenue growth would be negatively affected by 0.8 to 1.2 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $5.56 per share on revenue growth of 3.0 percent to $31.48 billion for the year. Analysts' estimates typically exclude special items.

"As we look forward, we're even more excited about what lies ahead, as the investments we've made in our pipeline begin to pay off by accelerating our revenue growth and creating value for our shareholders," said Omar Ishrak, Medtronic chairman and chief executive officer.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Global PC shipments returned to growth in the second quarter of 2020 after seeing a significant decline in the preceding first quarter due to COVID-19 related supply-chain disruptions, according to reports by two research firms. The PC market returned to growth in the quarter as production ramped up and vendors restocked their supplies to near-normal levels. The bankruptcy filing of America's oldest apparel retailer Brooks Brothers has ignited significant interest from potential buyers for the brand. WHP Global and a venture backed by Authentic Brands Group LLC and Simon Property Group, Inc., are reportedly considering bids for the retailer. WHP Global owns the ANNE KLEIN and JOSEPH ABBOUD brands. Sundial Herbal Products has recalled around 65 products, which were misbranded and currently unapproved drugs, the U.S. Food and Drug Administration said in a statement. The recall follows an order by a federal judge in June to stop distributing the company's unapproved new drugs. The affected items include herbal products and dietary supplements.
Follow RTT