Shares of health device and equipment maker Medtronic (MDT) - Get Medtronic Plc (MDT) Report gained on Thursday after the company reported fiscal fourth-quarter earnings that beat analysts' forecasts and offered an upbeat assessment of its prospects for fiscal 2020.
Shares of Medtronic gained 2.25% to $90.76 in trading on the New York Stock Exchange after the company reported adjusted net income of $1.94 billion, or $1.42 a share, vs. $1.47 billion, or $1.07 a share, in the comparable year-earlier period. Analysts polled by FactSet had been expecting earnings of $1.46 a share.
However, sales rose to $8.15 billion the fiscal fourth quarter, up slightly from $8.14 billion a year earlier and above FactSet consensus estimates of $8.11 billion.
For the full year Medtronic said it earned an adjusted $5.22 a share, above FactSet consensus estimates of $5.15. Full-year revenue came in at $30.56 billion vs. $29.95 billion.
For fiscal year 2020, Medtronic said it expects per-share earnings of between $5.44 and $5.50, including a 10-cent negative impact from foreign exchange based on current rates. Analysts' current expectations are for full-year 2020 earnings of $5.44 a share.
"The company continues to make significant progress on our pipeline," Medrtonic CEO Omar Ishrak said in a statement accompanying the earnings release. "We expect our revenue growth to accelerate over the course of fiscal year 2020 and into fiscal year 2021, driven by the anniversary of recent headwinds, combined with a series of major product launches over the next 12 months."
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