The Miami Entrepreneur

: Medtronic’s second-quarter earnings top estimates as medical device maker raises guidance

Medtronic PLC’s stock MDT rose 0.8% premarket Tuesday, after the medical device maker posted better-than-expected earnings for its fiscal second quarter and raised guidance. Dublin-based Medtronic posted net income of $909 million, or 68 cents a share, for the quarter to Oct. 27, up from $435 million, or 32 cents a share, in the year-earlier period. Adjusted per-share earnings came to $1.25, ahead of the $1.18 FactSet consensus. Sales rose to $7.984 billion from $7.585 billion a year ago, also ahead of the $7.927 billion FactSet consensus. The company now expects fiscal 2024 adjusted EPS of $5.13 to $5.19 vs. prior guidance of $5.08 to $5.16. The stock has fallen 3.3% in the year to date, while the S&P 500 SPX has gained 18%.

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