Shares of medical device maker Medtronic Plc (MDT) rose slightly Thursday after the company reported fiscal 2021 fourth quarter results ahead of estimates while also resuming forward-looking guidance.
The Dublin-based company reported fourth quarter earnings of $1.50 per share on revenue of $8.2 billion, a 37% year-over-year increase. Analysts were expecting earnings of $1.42 per share on revenue of $8.14 billion.
"Our recovery improved throughout the quarter, with most of our markets returning to near normal, pre-COVID growth rates," said CEO Geoff Martha.
Shares of Medtronic were up 0.9% to $127.35 in morning trading Thursday.
Medtronic expects adjusted earnings between $5.60 and $5.75 per share for fiscal 2022, but the midpoint of that guidance is below the $5.74 per share analysts are expecting from the company. The company expects organic fiscal 2022 revenue to rise by about 9%.
It was the first time Medtronic has given annual guidance since February 18, 2020.
"Our fiscal 2022 revenue guidance that we are issuing for the first time today is about a point higher than Street estimates. We anticipate strong organic revenue growth driven by new product launches and end market recovery from the impact of the pandemic," said CFO Karen Parkhill.
On Wednesday, Medtronic also announced that its board has approved raising the company's quarterly cash dividend to 63 cents per share.
"We're pleased to be able to increase our dividend by 9% during the pandemic," said Martha. "Today's dividend increase is a strong sign of our commitment to providing robust returns for our shareholders and of the confidence that our Board of Directors has in Medtronic's financial strength and future growth opportunities."