Medtronic Plc Q1 Profit Increases, Beats Estimates

(RTTNews) - Medtronic plc (MDT) revealed a profit for its first quarter that increased from last year and beat the Street estimates.

The company's bottom line came in at $1.042 billion, or $0.80 per share. This compares with $791 million, or $0.59 per share, in last year's first quarter.

Excluding items, Medtronic plc reported adjusted earnings of $1.592 billion or $1.23 per share for the period.

Analysts on average had expected the company to earn $1.20 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 2.8% to $7.915 billion from $7.702 billion last year.

Medtronic plc earnings at a glance (GAAP) :

-Earnings (Q1): $1.042 Bln. vs. $791 Mln. last year. -EPS (Q1): $0.80 vs. $0.59 last year. -Revenue (Q1): $7.915 Bln vs. $7.702 Bln last year.

-Guidance: Full year EPS guidance: $5.42 to $5.50