Medtronic plc (MDT) has reported an increase in earnings for the second quarter that surpasses both last year's performance and Wall Street's expectations. The company's net income reached $1.270 billion, or $0.99 per share, compared to $909 million, or $0.68 per share, in the prior year's equivalent quarter.
When excluding special items, Medtronic revealed an adjusted net income of $1.620 billion, which equates to $1.26 per share for this period. This performance narrowly exceeded the average analyst prediction, gathered by Thomson Reuters, which anticipated earnings of $1.25 per share, excluding any special items.
For the quarter, Medtronic's revenue saw an increase of 5.2%, climbing to $8.403 billion from $7.984 billion in the previous year.
Here's a summary of Medtronic's financial performance based on Generally Accepted Accounting Principles (GAAP) for Q2:
- Net Income: $1.270 billion, up from $909 million last year.
- Earnings Per Share (EPS): $0.99, compared to $0.68 last year.
- Revenue: $8.403 billion, an increase from $7.984 billion last year.
**Outlook:** The company maintains its full-year guidance for EPS, expecting it to range between $5.44 and $5.50.
