UPDATE: Medtronic Beats Q3 Expectations

reported stronger-than-expected results for the fiscal third quarter. The Dublin, Ireland-based company posted quarterly net earnings of $977 million, or $0.98 per share, compared to $762 million, or $0.75 per share, in the year-ago period. Excluding non-recurring items, the company's earnings rose 11% to $1.01 per share. Its revenue gained to $4.32 billion from $4.16 billion. However, analysts were expecting earnings of $0.97 per share on revenue of $4.25 billion. U.S. sales climbed 8% to $2.459 billion, while international sales slipped 2% to $1.859 billion. International revenue surged 7% on a constant currency basis. Sales for the Cardiac and Vascular Group rose 5% to $2.224 billion, while sales for the Restorative Therapies Group gained 2% to $1.645 billion. The Diabetes Group sales climbed 3% to $449 million in the quarter. "Q3 was a strong quarter, with revenue growth well above our outlook range for the fiscal year and exceeding our mid-single digit baseline goal. All three legacy Medtronic groups contributed to our robust performance," said Omar Ishrak, Medtronic plc chairman and chief executive officer. For 2015, Medtronic projects revenue, excluding currency effects, to rise 4% to 6%. Medtronic shares rose 0.31% to $75.49 in pre-market trading.