Medtronic, Inc. (MDT) reported that its fourth-quarter net earnings declined to $969 million from last year's $991 million. However, earnings per share increased to $0.95 from $0.94 in the same quarter last year.
Non-GAAP net earnings for the quarter were $1.124 billion, up from $1.036 billion last year. Non-GAAP earnings per share rose to $1.10 from $0.99 in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $1.03 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter rose to $4.459 billion from $4.297 billion in the prior year quarter. Twenty one analysts had consensus revenue estimate of $4.39 billion for the quarter.
In fiscal year 2014, the company expects full-year revenue growth in the range of 3 to 4 percent on a constant currency basis, and earnings per share in the range of $3.80 to $3.85. After adjusting for certain one-time impacts to growth, the Company indicated that this range implies annual earnings per share growth in the range of 6 to 8 percent. Analysts expect the company to report earnings of $3.84 per share on revenues of $16.99 billion for fiscal 2014.
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