UPDATE: Medtronic FQ1 Profit Beats Street View

Medtronic (NYSE: MDT) reported better-than-expected fiscal first-quarter earnings.The Minneapolis, Minnesota-based company posted a quarterly profit of $871 million, or $0.87 per share, versus a year-ago profit of $953 million, or $0.93 per share. Excluding non-recurring items, Medtronic's adjusted earnings came in at $0.93 per share. Its sales climbed 4% to $4.27 billion. However, analysts were expecting earnings of $0.92 per share on revenue of $4.25 billion. Medtronic's US revenue rose 6% to $2.333 billion, while international revenue climbed 2% to $1.940 billion on a constant currency basis. Emerging market revenue jumped 11% to $539 million on a constant currency basis.Sales at the Cardiac and Vascular Group surged 4% to $2.254 billion, while sales at the Restorative Therapies Group climbed 3% to $1.603 billion. Diabetes revenue jumped 13% to $416 million in the quarter.Omar Ishrak, Medtronic chairman and chief executive officer said, "Our growth was broad based across businesses and geographies. I was especially pleased that our innovation pipeline is delivering strong results, particularly in the U.S., which had its highest revenue growth performance in 5 years."Medtronic reiterated its EPS and revenue forecast for fiscal year 2015.Medtronic shares gained 0.35% to close at $63.47 yesterday.