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Medtronic Reports Q1 Earnings Beat, Raises Guidance

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Medtronic (NYSE: MDT) reported first-quarter earnings of $1.26 per share, which beat the analyst consensus estimate of $1.18 by 6.78%. This is a 7.69% increase over earnings of $1.17 per share from the same period last year.

The company reported quarterly sales of $7.5 billion, which beat the analyst consensus estimate of $7.4 billion by 1.35%. This is 1.57% increase over sales of $7.384 billion the same period last year.

Medtronic has raised fiscal year 2020 EPS guidance from $5.44-$5.50 to $5.54-$5.60 versus the $5.48 estimate.

"Medtronic had a solid first-quarter, delivering revenue growth, operating margin expansion, and adjusted EPS growth all ahead of expectations," said CEO Omar Ishrak in a statement.

Medtronic shares were trading up 4.34% at $108.70 in Tuesday’s pre-market session. The stock has a 52-week high of $104.42 and a 52-week low of $81.66.

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