UPDATE: Medtronic Q2 Earnings Meet Street View

Medtronic MDT reported in-line earnings for the second quarter. The Minneapolis, Minnesota-based company posted quarterly net earnings of $828 million, or $0.83 per share, compared to $902 million, or $0.89 per share, in the year-ago period. Excluding certain items, the company earned $0.96 per share. The drop in net earnings was a result of a $100 million pre-tax charitable cash donation the company made to the Medtronic Foundation. Its revenue gained 4% to $4.37 billion in the quarter. However, analysts were estimating earnings of $0.96 per share on revenue of $4.37 billion. U.S. revenue rose 5% to $2.456 billion, while international revenue climbed 5% to $1.910 billion. Emerging market revenue jumped 10% to $554 million. Worldwide sales at the Cardiac and Vascular Group gained 4% to $2.286 billion, while sales at the Restorative Therapies Group jumped 3% to $1.650 billion. Diabetes Group revenue gained 9% to $430 million. "Our second quarter performance was strong and well balanced across our businesses and geographies," said Omar Ishrak, Medtronic chairman and chief executive officer. "Revenue growth was at the upper end of our full-year revenue outlook and within our mid-single digit baseline goal, reflecting the strong execution of our global organization." Medtronic reaffirmed FY15 earnings guidance and raised its sales growth forecast to 4% to 5%, versus earlier growth forecast of 3% to 5%. Medtronic shares rose 0.35% to close at $69.19 yesterday.