Before the bell on Tuesday, medical equipment maker Medtronic, Inc. (MDT) reported third quarter profits that rose slightly, beating analysts expectations, on revenue that was in-line with Wall Street views.
The Minneapolis, Minnesota-based company said its third quarter net earnings grew 6% to $988 million, or 97 cents per share, from $935 million, or 88 cents per share, in the same quarter a year earlier.
Adjusting for one-time, non-comparable items, MDT posted third quarter net earnings of $946 million, or 93 cents per share. Analysts, according to Thomson Reuters, were expecting adjusted earnings per share to come in at 91 cents for the quarter.
Quarterly revenue was up 4% to $4.03 billion. This was in-line with the analyst view.
Despite an overall rise in total revenue, significant business areas like cardiac rhythm management and spinal products saw revenue slip from the previous year.
Looking forward, the company maintained its 2013 outlook. MDT expects revenue growth to be between 3% and 4% with EPS between $3.66 and $3.70. Analysts project EPS to be $3.68 in fiscal 2013.
Medtronic shares were down 78 cents, or -1.66%, during pre-market trading on Tuesday. Over the past year, the stock is up about +18%.
The Bottom Line
Shares of Medtronic (MDT) have a dividend yield of 2.21% based on Friday’s closing price of $47.12 and the company’s annualized dividend payout of $1.04 per share.
Medtronic, Inc. (MDT) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.