Medtronic Boosts FY24 Outlook - Update

(RTTNews) - While reporting financial results for the third quarter on Tuesday, medical devices maker Medtronic plc. (MDT) raised its adjusted earnings and organic revenue growth guidance for the full-year 2024, based on third quarter performance.

For fiscal 2023, the company now projects adjusted earnings in a range of $5.19 to $5.21 per share on organic revenue growth of 4.75 to 5.0 percent.

Previously, the company expected adjusted earnings in the range of $5.13 to $5.19 per share on organic revenue growth of 4.75 percent.

On average, 32 analysts polled by Thomson Reuters expect the company to report earnings of $5.16 per share for the quarter. Analysts' estimates typically exclude special items.

"In addition to delivering durable sales growth, we also drove improvements to our margins, as our cost efficiency programs helped to offset the impact of inflation, tax, and currency, contributing to our EPS and cash flow performance in the quarter," said Karen Parkhill, Medtronic chief financial officer.

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